ABW Verona Hills Gurgaon: A Timeline of Delays, Legal Battles, and Insolvency

• Project launched in early 2010s with possession promised by 2016

• Developer ABW Infrastructure Ltd entered insolvency in 2019

• Towers stand complete, but Occupancy Certificate and handover remain pending

Year-by-Year Timeline of Events: ABW Verona Hills Gurgaon

2010 – 2013: Launch and Bookings

• Launch: ABW Infrastructure launches “Verona Hills” in Sector 76, Gurgaon, promising luxury 2, 3, and 4 BHK apartments across ~14 acres.

• Sales: Extensive marketing attracts hundreds of homebuyers. Bookings are taken with promises of possession by 2016.

• Initial Construction: Excavation and structural work begin.

2014 – 2016: The Slowdown

• Delays: Construction pace slows drastically. Buyers begin to complain about missed milestones.

• Missed Possession: The promised possession date (around 2016) passes without handover.

• Financial Issues: Reports surface that ABW Infrastructure is facing liquidity crunches and diverting funds to other projects/investments.

2017 – 2018: Fraud Allegations & Directors Absconding

• FIRs Filed: Homebuyers file multiple FIRs against the directors (Atul Bansal, Sona Bansal) for cheating and criminal breach of trust.

• Manesar Land Scam: The promoters are implicated in a massive ₹1,500 crore land grab scam in Manesar/Gurgaon.

• Proclaimed Offenders: In 2018, a Panchkula court declares the directors Proclaimed Offenders (PO) as they go into hiding to evade arrest.

• Construction Halted: Work on site effectively grinds to a halt due to lack of funds and leadership.

2019: Insolvency (NCLT) Admission

• September 12, 2019: The National Company Law Tribunal (NCLT) admits a petition against ABW Infrastructure Ltd (Case: Bipin Industries Pvt Ltd vs ABW Infrastructure Ltd).

• CIRP Begins: The company officially goes into insolvency. A Resolution Professional (RP) is appointed to take over the management from the defaulting directors.

• Moratorium: A legal moratorium is declared, prohibiting any new suits against the company while the insolvency process is ongoing.

2020 – 2022: Claims & Court Battles

• Claim Filing: The Resolution Professional (RP) asks homebuyers to file their claims as “Financial Creditors”. Hundreds of Verona Hills buyers file forms to establish their stake.

• Association Formation: The ABW Verona Hills Flat Buyers Association becomes active, representing buyers in court to ensure their voices are heard during the Committee of Creditors (CoC) meetings.

• Delhi High Court (2022): The High Court directs the NCLT to expedite hearings for homebuyers who have been waiting since 2016, acknowledging the severe delay.

2023: Major Arrests

• January 2023: Sona Bansal (Director of ABW) is arrested in Mumbai by the Delhi Crime Branch. She and her husband had been living under fake identities to evade the law.

• ED Action: The Enforcement Directorate (ED) intensifies its probe into money laundering connected to the ABW group, attaching various assets.

2024: Resolution Process Continues

• CoC Meetings: The Committee of Creditors (CoC), which includes homebuyers, holds multiple meetings to decide the fate of the project.

• October 2024: Notices are circulated for the 24th CoC meeting, indicating that the resolution process is still active and a final resolution plan (to complete/hand over the flats) is being debated.

• Disputes: There are ongoing disputes regarding the admission of belated claims and the inclusion of new financial creditors, which slows down the final resolution.

2025: Current Status

• Pending Resolution: As of early 2025, the NCLT case is still listed as Pending. Delays continue due to the backlog of cases and complexities in the resolution plan.

• Physical State: The towers are standing, but without a formal Occupancy Certificate (OC), legally moving in is risky and unauthorized.

• Market Confusion: Many property portals listed the project as “Ready to Move” or “Resale available,” but these often refer to the physical state, not the legal ability to register the deed.

What Homebuyers Should Know?

If you are an existing buyer or considering this property:

Do Not Buy in Resale yet: Without a clear order from the NCLT or a completed Resolution Plan, transferring titles is legally risky.

Check NCLT Status: Follow the case M/S Bipin Industries Pvt Ltd vs M/S ABW Infrastructure Ltd on the NCLT website.

Contact the RP: If you are an owner and haven’t filed a claim, contact the Resolution Professional immediately to see if they are still accepting claims (though the deadline has passed, courts sometimes allow condonation of delay).

The Bottom Line

ABW Verona Hills stands as a stark reminder that physical construction does not guarantee legal possession. Until insolvency proceedings are resolved and regulatory approvals are secured, the project remains incomplete in the eyes of the law—leaving homebuyers waiting for a long-overdue resolution.