Where Do We Stand Today — And What Should We Do Next?

Quick Summary — What You Need to Know First

Let us start with the most important points:

• The project was already taken to NCLT once to protect plot holders
• NCLT gave a structured solution on 2 August 2023
• A company (BBCL) was created to execute that plan
• Some basic steps like share issuance were expected early
• Even after ~2.5 years, that basic step is still not completed

Because of this:

• Governance is unclear
• Plot holders cannot formally participate
• Decisions remain limited to a few people

Now there are only three possible paths:

1. Do nothing → uncertainty continues
2. Hope internal resolution happens → possible, but unclear
3. Approach NCLT again → structured solution

👉 This is why many plot holders are now considering going back to NCLT.

👉 For that, your feedback and support are very important.

Background — How We Reached This Situation

To understand today’s situation, we must look at the full journey.

From Developer Failure to NCLT

Earlier, the project was under a developer model.

That model failed.

As a result:

• The companies went into liquidation
• The future of the project became uncertain

At that stage, around 25 plot holders approached NCLT.

Their request was simple:

👉 Let the plot holders take control and complete the project.

NCLT Order — A Fresh Start

On 2 August 2023, NCLT passed an order.

This order allowed:

• Creation of a company (SPV)
• Development by plot holders themselves
• A structured and time-bound plan

This was a major opportunity.

👉 The project got a second life.

Formation of BBCL

After the order:

• Baruipur Bloomfield City Limited (BBCL) was formed
• Directors were appointed
• They were expected to implement the plan

The expectation was very clear:

• Complete compliance
• Issue shares
• Build governance
• Start development

What Is Share Allotment — And Why It Matters

This is the most important concept to understand.

What is it?

Share allotment means:

👉 You become an official shareholder of the company

Why is it important?

Without shares:

• You are not formally part of the company
• You cannot vote
• You cannot change directors
• You cannot participate in governance

Simple Example

Think of it like this:

• A society is formed
• But membership is never given

Then:

• 👉 Who will vote?
• 👉 Who will decide?

No one.

Why plot holders should care

If shares are not issued:

• You remain dependent on others
• You cannot exercise your rights
• You cannot bring change

What Has Happened in the Last 2.5 Years

Now let us look at facts.

• NCLT order was passed in August 2023
• BBCL was formed
• But shares have not been issued till today

At the same time:

• Multiple meetings happened
• Plot holders asked for clarity
• Discussions continued

But the most basic step is still pending.

Why This Creates a Problem

Let us understand this carefully.

If shares are not issued:

• There are no formal shareholders
• There is no structured voting system
• Board cannot be changed democratically

So effectively:

👉 Governance remains limited

Even if unintentionally, this creates a deadlock situation.

What Happened Recently — 21 February Meeting

A meeting of plot holders was held on 21 February 2026.

In that meeting:

• Majority supported strengthening the Board
• Proposal was made to add new directors

But:

• That proposal has not been implemented

A Question Every Plot Holder Should Ask

At this point, a simple question arises:

👉 Why has such a basic step like share issuance not been completed in ~2.5 years?

We are not making any allegation.

But it is reasonable to think:

• Is this delay due to complexity?
• Or is it not being prioritised?

Because without shares:

👉 Proper governance cannot start

Why This Matters to You

This is not a technical issue.

It directly affects you.

If things remain unclear:

• Your plot value is at risk
• Project timeline becomes uncertain
• Decisions may not be participative

What Are Our Options Now

Let us keep it simple.

Option 1: Do Nothing

• Situation continues
• No clarity
• No control

Option 2: Wait

• Hope things improve
• But no guarantee

Option 3: Go to NCLT

• Same authority that created the structure

• Can enforce compliance

• Can give direction

• Can break deadlock

• 👉 This is not conflict

• 👉 This is course correction

NCLT Process — Not a New Case

Many plot holders may be concerned that going to NCLT means starting a completely new case.

That is not the situation here.

• The project is already under an existing NCLT matter
• Any application will be filed as an Interlocutory Application (IA) within the same case
• This means:
  • The process is relatively simpler
  • The background is already known to the Tribunal
  • It may take comparatively less time for directions or clarification

👉 In simple terms: We are not starting from zero — we are requesting the same court to review and guide the existing process.

What Will Be Requested from NCLT (In Simple Terms)

If required, plot holders may request:

• Completion of share process
• Clear governance structure
• Extension of timeline
• Protection of project value

Protection of Project Value

Ensuring that no premature liquidation or auction is initiated without giving plot holders an opportunity to be heard before the Hon’ble NCLT, and that the project assets are safeguarded from value erosion.

Why Your Support Is Important

NCLT looks at facts.

But it also looks at:

👉 Stakeholder voice

Your support helps in:

• Showing ground reality
• Demonstrating majority view
• Strengthening the case

Feedback Form — Your Role

We will be sharing a simple feedback form.

It will ask 3 questions:

1. Did you receive shares within 90 days?
2. Have you received shares till today?
3. Are you satisfied with current progress?

👉 Your honest response is important.

This is not about opinion.

👉 This is about documenting reality.

DOWNLOAD THE FEEDBACK FORM PDF

What Happens Next

• Awareness campaign
• Feedback collection
• General Meeting
• Majority decision
• Next steps accordingly

Final Thought — This Is About All of Us

This is not about individuals.

This is about:

• Completing what was started
• Making the system work
• Protecting everyone’s interest

👉 A system can only work when its basic steps are completed

👉 If something is incomplete, it needs to be corrected

Conclusion — Let Us Stay Informed and United

Every plot holder should:

• Understand the situation
• Think independently
• Participate responsibly

Because in the end:

• 👉 This is our project
• 👉 This is our collective responsibility

Let us move forward with awareness, clarity, and unity.