Saket Court grants interim bail to Lotus 300 Project Directors in criminal case by homebuyers

The Court of Chief Metropolitan Magistrate, Saket today granted interim bail to the three Directors of Hacienda Project Pvt Ltd, namely Nirmal Singh, Vidur Bhardwaj and Supreet Singh Suri..The three accused were arrested by Delhi Police after it registered an FIR lodged by Lotus 300 Buyers’ Association. Lotus 300 is a luxury residential project of Hacienda Project in Noida..The interim bail would continue to remain in force till December 20, on furnishing a personal bond of Rs Five lakh each and one surety each in the like amount..The bail was granted after an MOU was executed between Hacienda Projects, also an accused in the case and Lotus 300 Buyers’ Association. The settlement agreement states that the company would ensure that the buyers get delivery of their flats within a stipulated time..Pursuant to the Court’s order, a demand draft for the amount of Rs Five crore would be deposited in an escrow account to ensure compliance of the MOU and construction work..The Court has further clarified that if the said MOU is not strictly complied with, the interim bail would be cancelled. The accused persons have also been directed to cooperate in the investigation..The three Directors were arrested for allegedly misappropriating the money invested by homes buyers of Lotus 300 and not delivering houses on time..Senior Advocate Vikas Pahwa appeared for Suri and Bhardwaj. Advocate Siddharth Aggarwal along with Advocates Arush Khanna, Gautam Khazanchi, Shrey Singh, Lakshay Mehta and Jhanvi Dubey appeared for Nirmal Singh..The Buyers’ Association was represented by Advocates Raj Kamal, Benant Noor Singh and Varun Tyagi..Another complainant, Balbir Singh was represented by Advocate Keshav Saini..The matter would be next heard on December 20..Read the order: