The application IA No. 1584/2023 was filed by allottees/home buyers seeking impleadment in IA No. 1571/23 in CP (IB) No. 248/Chd/Chd/2019 as intervenor-necessary party. The suspended director of the corporate debtor filed a Section 12A application for withdrawal of the Section 9 application, which was admitted on 2023-02-27. There are 55 home buyers and seven allottees who signed the application. The corporate debtor is developing a fashion technology park. The project was sanctioned by the Punjab government in 2005. Allottees made 90% to 100% payment but possession was not handed over by 2010. The suspended director filed an appeal against the admission order, which was dismissed. A further appeal was filed before the Supreme Court. The suspended director then filed
…Kone Elevators India Pvt. Ltd. initiated corporate insolvency resolution process against Chandigarh Overseas Pvt. Ltd. under CP (IB) No. 248/Chd/Chd/2019. An application was filed by Amarjeet Singh and 55 others, who are allottees/home buyers, seeking to be impleaded as intervenors in IA No. 1571/23, which is an application for withdrawal of the insolvency proceedings filed by the suspended director of Chandigarh Overseas Pvt. Ltd. under Section 12A of the Insolvency and Bankruptcy Code, 2016. The allottees had made significant payments (90-100%) for properties in a project developed by Chandigarh Overseas Pvt. Ltd., but possession was not delivered as promised. The suspended director's appeal against the admission of the insolvency application was dismissed. The home
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Corporate debtor promised to give possession…
The application IA No. 1584/2023 was filed by allottees/home buyers seeking impleadment in IA No. 1571/23 in CP (IB) No. 248/Chd/Chd/2019 as intervenor-necessary party. The suspended director of the corporate debtor filed a Section 12A application for withdrawal of the Section 9 application, which was admitted on 2023-02-27. There are 55 home buyers and seven allottees who signed the application. The corporate debtor is developing a fashion technology park. The project was sanctioned by the Punjab government in 2005. Allottees made 90% to 100% payment but possession was not handed over by 2010. The suspended director filed an appeal against the admission order, which was dismissed. A further appeal was filed before the Supreme Court. The suspended director then filed
…Kone Elevators India Pvt. Ltd. initiated corporate insolvency resolution process against Chandigarh Overseas Pvt. Ltd. under CP (IB) No. 248/Chd/Chd/2019. An application was filed by Amarjeet Singh and 55 others, who are allottees/home buyers, seeking to be impleaded as intervenors in IA No. 1571/23, which is an application for withdrawal of the insolvency proceedings filed by the suspended director of Chandigarh Overseas Pvt. Ltd. under Section 12A of the Insolvency and Bankruptcy Code, 2016. The allottees had made significant payments (90-100%) for properties in a project developed by Chandigarh Overseas Pvt. Ltd., but possession was not delivered as promised. The suspended director's appeal against the admission of the insolvency application was dismissed. The home
…Project sanctioned by…
Corporate debtor promised to give possession…