Construction Agreement Termination

We are a group of 250+ customers entered into sale & construction agreement in 2012 with a promoter (3 partners) for a multi storey apartment which has 340 saleable units. For the last 18 months, there is no construction activity going on. Currently the site is half built with structure alone there. 2 of the founding directors resigned back in 2014 and early 2015 and the lone director is currently in US not willing to come but keep communicating over email and phone that he will restart the construction soon.. They have closed their office as well and no staff. As customer association, we have given enough time for the plans but nothing takes off. Can we go ahead and cancel the irrevocable construction agreement by serving a notice, paper advertisements and take the matter to lok adalat to take control and construct ourselves with the help of court appointed administrator ? Also can we take charge for the unsold apartments to recover the deficit of construction cost which has already been paid ? This is a joint venture agreement - Promoter also cheated landlord and he filed a case against them. Landlord is positive to join the customer group to get his dues from the unsold apartments.