ABW Gateway Towers Revival Platform

13/09/2019

https://realty.economictimes.indiatimes.com/news/regulatory/nclt-initiates-insolvency-proceedings-against-abw-infrastructure/71101528

The court has appointed Anand Chandra Swain as the interim resolution professional (IRP) for the case. It directed the IRP to make a public announceme..

26/08/2019

https://realty.economictimes.indiatimes.com/news/regulatory/nclt-asks-why-irp-should-not-be-initiated-against-orris-infrastructure/70842158

The court asked the company to file a joint response within a week. Over 15 separate cases have been filed in NCLT against Orris Infrastructure, most ..

26/08/2019

Friends,
I am pleased to inform you that a meeting was held on 24th August at Dove's office which was attended by following:
1) Yogesh Gupta (Dove)
2) Prakash Bhasin (RA Group)
3) R B Singh (RAG)
4) Yogesh Verma(RAG)
5) Sanjiv Grover (ABWAWA)
6) Pramod Malik
Following is the gist of discussions held:
1) Yogesh Gupta told participants that if investors do not have confidence in him, they can file their scheme in the court through a legal entity that is acceptable to the court. He assured his cooperation and help in facilitating the compliances for the project. He also stated that his scheme with modification as circulated recently is final and no major change is possible.
2) R B Singh stated that their group is contemplating to put a revised scheme with legal entity & an investor/Builder. He feels that the scheme will meet all the requirements as per BBA with ABW and no contribution from investors.
Regarding scheme of Dove, he requested Yogesh Gupta to increase his contribution from 5 Cr to 13.5 Cr & not to insist on contribution from investors. He also asked Yogesh Gupta to explore the possibility of getting the TOD sanction in advance.
3) I suggested that the scheme should be based on TOD with additional FAR to be sold @ Rs 4500/- per Sq ft on CLP which will help us in generating additional revenue of Rs 55 Cr. This along with outstanding of Rs 46 Cr are sufficient to complete the project with a surplus of Rs 15 Cr appx. However, it's important that all the unit buyers contribute Rs 300/- per Sq ft to facilitate the compliances and mobilisation of construction. The amount may be refunded to all the unit buyers on completion of the project. Surplus if any be distributed to unit buyers as per the formula to be decided by COC. I also think that CLP buyers should also be invited for next meeting & they should have representation in COC.
4) RA group representatives felt that the surplus should be distributed amongst AR unit buyers since their AR is outstanding for over 4 years. They also felt that if CLP buyers pay their outstanding amount upfront, there is no need to ask for additional contribution of Rs 300/- per Sq ft from all unit buyers. Yogesh feels that he has interacted with many CLP buyers and they will not start paying outstanding amount till compliances are obtained & construction activity started.
5) Sanjiv requested for finalising the list of investors to ascertain whether any unsold area is there in the project. This could be done through a court appointed neutral person or COC.
Sanjiv also expressed that the scheme should be monitored through court appointed chairman/ authorized person.
6) Yogesh Gupta offered his help in conducting on line election of COC members and then approaching HC to formalise the same.
Please note that there is a change in the mood of various groups and all are willing to come on a common platform in order to achieve the main goal of completion of project and handover of units.
The meeting ended with thanks to Yogesh Gupta for the courtesy extended.
In the next meeting, RA group representatives will inform if they have any arrangement of legal entity, investor/builder and are in a position to file a new revival scheme. They have also been requested to put up a brief for further discussion.
We also welcome constructive suggestions from all members of the group.
Thanks & Regards
Pramod Malik

06/08/2019

Dear Friends,
I wish to inform you that a meeting was organized at Dove's office by Shri Iqbal Shamsi to find an amicable solution which is acceptable to all the unit buyers of Gateway Towers and also Dove Infra and accordingly go the High Court on 8th August in a united manner. Following were present in the meeting:
1) Iqbal Shamsi from Moradabad group
2) Yogesh Gupta of Dove
3) M.P. Patel of Dove
4) Rakesh Aggarwal
5) Ashok Papneja
6) Rajesh Arora
7) Pramod Malik
I understand that Sudhir Malik President of ABWAWA was invited but he chose not to attend the meeting.
Shri Iqbal Shamsi emphasised on the need of unity amongst investors so that the GT project is hived off from ABW which is under liquidation. Mr. Patel explained that they will explain to HC on 8th the changes which can be accomodated in the scheme keeping in view the objections & application/scheme filed on their scheme.
Mr. Aggarwal stated that he has studied various options and he feels that a LLP of Unit buyers should be formed and it should get the ownership of 54% share of GT which is presently owned by erstwhile management of ABW. Mr. Patel was not confident that this type of arrangement will get nod of the High Court. I asked the group to discuss other points of the scheme as well in order to arrive at consensus on all important issues. However general opinion was that other points could be discussed later by a group which can be formed after LLP issue is decided. Mr. Yogesh & Mr. Patel will look at the possibility of LLP and revert as soon as possible.
Everyone appreciated the initiative taken by Iqbal Bhai and thanked Mr. Yogesh Gupta for courtesy extended to the participants.
Thanks & Regards
Pramod Malik

28/07/2019

Friends,
I am pleased to inform you that there were 145 votes each for and against resolution 1.
As far as resolution 2 is concerned, only 30 votes were in favor & balance against. Rest of the votes were either invalid or these were without proper proxies.
Chairman of the meeting will file a report with the court and it will come up for discussion/arguments on 08-08-2019. The scheme certainly needs modifications if it has to be approved by the court. Let us wait for the directions of the court. It would be premature to comment further as the matter is sub-judice.
Thanks & Regards
Pramod Malik

23/07/2019

Friends
The voting ended at about 3:30 pm on 20-07-2019. The counting will be done on 27-07-2019 at 2:30 at Dove's office. Chairman permitted Mr. Rakesh Aggarwal & myself to attend the counting.
Eventhough it is not mandatory to allow creditors to attend the counting but on my persuation, he allowed me and before that he had already agreed to allow Mr. Aggarwal.
This is for information of all. I shall communicate on this forum the result on next saturday.
I thank all the members who came all the way from long distance to participate in voting.
With Best regards.
Pramod Malik

19/07/2019

Dear Investors,
The application by association for stay of the meeting & voting came up today for hearing. Court refused to stay the meeting. Therefore the meeting will be conducted as per High Court order dated 23-05-2019 at 11 am on 20-07-2019 at NDMC Convention Center, Parliament Street, New Delhi-110001.
Thanks & Regards

05/07/2019

Following are the advantages if Dove scheme is approved on 20-07-2019 with the condition that modifications to be subsequently decided by Committee of Creditors:
a) The project will be hived off from ABWIL which means it will be out of liquidation.
b) COC will have the authority to verify the exact area sold & we come to know whether it's oversold or unsold area is there.
c) COC can appoint Architect/Valuer to estimate the revenue that can be generated from additional area under TOD policy.
d) COC can get estimate/offer from Contractors for completion of the project.
e) COC can evaluate other expenses for completing statuatory compliances.
f) Thus actual & fair estimate of the shortfall or excess amount available would be clear.
Hope this should satisfy all.

02/07/2019

Yesterday I along with Mr. Brijesh Gupta met Mr. Yogesh Gupta & other members of his team. Following is the brief of meeting with Dove Infrastructure today :

- Dove is putting up “percentile” of area as well as value in the voter’s list and voter slip to remove ambiguity with respect to class of voters,

- Dove will also put allottees list on public domain very soon for sake of clarity,

- draft of voter slip will be shared shortly.

As for cost distribution amongst CLP and full paid allottees, it was formally discussed to leave this topic open for final decision by CoC to be appointed under the provisions of High Court directions.

It was also proposed to ask for each individual’s ID on the date of voting for proper identification.
Thanks & Regards

26/06/2019

26/06/2019

ABW Gateway Towers, Badarpur is a IT/ITES office space project stuck midway due to the financial problems faced by the Company.
The aim & goal of this platform is to pursue the revival of the project and handover of units to its customers.
The members of this group are the investors who bought office space on assured return & construction linked plan.
The Company is facing liquidation proceedings in High Court. Recently its Licensee and land owner Dove Infrastructure Pvt. Ltd. has submitted a revival scheme in High Court. The court has ordered a meeting of the investors on 20th July, 2019 to consider the scheme for approval.