Take Over Of The Bulding Project

We are round 50 buyers who have booked a flat in township since 2012 present condition of building is under construction. Construction was being stopped from many years around 2-3 years . Present condition is that we buyers have money pending tht is sufficient to build it.. . But builder asking to give money in advance. as before we. Have also given money but he not invested in building he is a bank defaulter all his property is mortage in bank. He cannot even sell his property to complete his project (as he is defaulter but he is not declaring himself insolvent officially ) Does we have law that whole of the project can be takeover to other organizations ??? He is not declaring insolvent coz he want to aquire money as he lended lot of money from the moneylender in market at heavy intrest and they are pushing him to give their Intrest . We society want to take over the whole project to other firm or other builder so tht we can take possesion