The Crocodile, the Fox… and Baruipur Bloomfield
👉 Basic filings, repeated again and again, are being presented as major progress - while real outcomes remain invisible. After an NCLT-approved CIRP, the law expects a clear financial reset, implemented plans, and transparent governance. But when losses remain, liabilities stay high, AGMs are not held, and directors are appointed without stakeholder communication, it raises a simple question: is real implementation happening, or just paperwork being shown in different ways?
🐊 The Crocodile, the Fox… and Our Reality
Once upon a time, a crocodile trusted a fox to educate its children.
Every day, the crocodile came and asked, “Are all my children safe?”
The fox would show one child and say, “See? Everything is fine.”
Next day, again the same child. Again the same reassurance.
But one by one, the fox had already eaten the rest.
By the time the crocodile counted properly - the truth was too late to ignore.
📖 Why This Story Matters Today
These stories were written to remind us of one simple truth:
👉 Repetition is not proof. Verification is.
🏢 Now Look at Our Situation
Over the last few years, across the three SAMPARK companies connected to our project, we have seen:
✔ What has actually been done
- Change of directors
- Change of registered office
- Filing of some financial statements
👉 These are basic statutory filings, required for any company.
❗ What is being projected
- Major progress
- Significant restructuring
- Continuous work over years
👉 But in reality:
- Same actions are repeated in different forms
- Routine filings shown as major achievements
- Expenses claimed appear very high compared to work done
🔁 The Pattern We Must Recognize
| Reality | Presentation |
|---|---|
| Basic compliance work | Shown as major progress |
| Limited filings | Repeated as multiple achievements |
| No visible development | Covered through paperwork |
| No financial improvement | Not clearly explained |
👉 This mirrors the story:
Showing the same child again and again.
⚖️ The Legal Angle (Simple Understanding)
1. Resolution Plan Must Be Implemented
Once NCLT approves a resolution plan:
- It becomes binding
- It must be implemented properly
- Its impact must be visible in accounts and operations
2. Financial Statements Must Reflect CIRP Reset
After CIRP:
- Old liabilities should be adjusted
- Financial structure should change
- Balance sheet should reflect a reset or restructuring
👉 But currently:
- Losses (₹2–4 Cr) still visible
- Liabilities still high
- No clear restructuring impact
3. Governance Must Resume
After resolution:
- AGM should be held
- Financials should be approved
- Proper corporate functioning must restart
👉 Present situation:
- AGM not held
- Financials not adopted
4. Transparency to Stakeholders
In real estate:
- Plot holders are key stakeholders
👉 Therefore:
- Major decisions should be transparent
- Communication should be clear and timely
⚠️ Additional Concern - Director Appointments Without Communication
Across all three companies, the following directors are currently shown in MCA records:
- Subrata Majumder
- Mrinal Saha
👉 These appointments have been filed officially.
❗ But the concern is:
- No clear communication made to plot holders
- No consultation or approval taken
- No explanation of their role in project execution
📌 Why this matters
Legally:
- Directors can be appointed by Board/shareholders as per law
But in a project where:
- Buyers are major financial stakeholders
- Resolution plan is based on their interests
👉 It becomes a matter of transparency and accountability, not just legality.
📊 Ground Reality - MCA Data Comparison
🏢 All 3 Companies (Simplified)
| Item | Suryodaya Realtors | Sampark Land & Builders | Sampark Land Developers |
|---|---|---|---|
| Paid-up Capital | ₹1.5 lakh | ₹3.5 lakh | ₹3.5 lakh |
| Net Worth | –₹2.87 Cr | –₹3.93 Cr | –₹1.96 Cr |
| Liabilities | Not clear | ~₹9.4 Cr | ~₹20 Cr |
| Turnover | Not visible | ₹18K | ₹18K |
| Activity | Minimal | Near zero | Near zero |
| Insolvency | Completed | Completed | Completed |
| AGM | Not held | Not held | Not held |
📌 What This Means
💰 Financial Reality
- All companies are in heavy loss
- Debt is in crores
🏗️ Operational Reality
- Almost no real business activity
- No visible project progress in financial data
⚖️ Legal Reality
- Insolvency process completed
- But post-resolution impact not clearly visible
🧾 Governance Reality
- AGM not held
- Financials not formally approved
- Directors appointed without clear stakeholder communication
🔴 The Core Question
👉 When:
- Resolution is approved
- Directors are changed
- Filings are done
But:
- Financials don’t improve
- Operations don’t restart
- Stakeholders are not informed
Then we must ask:
Is real implementation happening, or only paperwork?
🧭 Final Thought
The crocodile did not lose its children suddenly.
It lost them because it believed what it was shown - without verifying what was real.
📌 One Line for Plot Holders
👉 “Repeating filings and changing directors cannot replace real progress - just like showing the same child cannot mean everything is fine.”
🚀 What We Should Ask Now
- What has actually been implemented after NCLT approval?
- Why are financial statements not reflecting CIRP restructuring?
- What is the current real liability after settlement?
- What is the exact role of newly appointed directors?
- What measurable progress has happened on ground?
👉 Because ultimately:
Real progress is visible in outcomes - not in repeated compliance filings.