Akbar Birbal Complex Lucknow
Akbar Birbal Complex is a premium 5 star hotel and shopping complex project started but never fully completed or operationalized by Pushpa Builders Ltd. The builders were sanctioned two loans of Rs 1.6 crore and Rs 2.4 crore jointly by IFCI and TFCI in 1990 for setting up a hotel project at Lucknow. The project included a shopping plaza under which a number of shops have been constructed and sold to mostly individual investors for AbOUT an average of Rupee 1.5 Lack each. The majority of the investors in the shops were NRIs, while about 12 shops were bought by local Lucknow residents. The hotel never began to be operational. The owners of the shops were given possession of the shops, but the shopping complex never became operational.
IFCI Ltd. and Tourism Finance Corporation of India (TFCI) jointly took over the assets of Pushpa Builders Ltd. on account of default of loans in 2003. The assets acquired include a hotel project under implementation in the 5-star category with 86 rooms including 10 suites.
The company has been in default to the institutions since the beginning. A demand notice under the Securitisation Act claiming an amount of Rs 33.39 crore as on August 23, 2002, towards the dues was issued on October 7, 2002. Despite the lapse of 60 days of notice period the company did not pay the above amount. Thus, the decision was taken to attach the properties.
A yahoo group called Akbar Birbal Complex Lucknow was formed to invite all the shop owners to join hands as they were the real victims of this project having paid a lot of money without realizing any returns.