The case involves a Section 7 petition filed by home buyers against Cosmos Infra Engineering (India) Private Limited, the Corporate Debtor, regarding a housing project called 'Cosmos Express 99'. The home buyers were aggrieved by the Corporate Debtor's failure to complete the project on time. An Advocate Commissioner was appointed to assess the project's status and facilitate a resolution. The Corporate Debtor proposed two plans (Plan A and Plan B) for project completion, and the majority of home buyers voted in favor of Plan A.
The Home Buyers filed a Section 7 petition against Cosmos Infra Engineering (India) Private Limited, the Corporate Debtor, due to delays in the 'Cosmos Express 99' housing project. The Corporate Debtor's project was incomplete, with only 70% of the civil structural work finished. An Advocate Commissioner was appointed to assess the project. The Corporate Debtor proposed Plan A and Plan B for completion. A majority (78.48%) of the 247 Home Buyers voted for Plan A. The Promoter of the Corporate Debtor filed an affidavit detailing Plan A, including a 12-month (+/- 3 months) timeline for completion and handover. The Corporate Debtor committed to infusing INR 10 Crore into the project and completing the remaining 30% of the work in 6 milestones. Homebuyers are required to
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The case involves a Section 7 petition filed by home buyers against Cosmos Infra Engineering (India) Private Limited, the Corporate Debtor, regarding a housing project called 'Cosmos Express 99'. The home buyers were aggrieved by the Corporate Debtor's failure to complete the project on time. An Advocate Commissioner was appointed to assess the project's status and facilitate a resolution. The Corporate Debtor proposed two plans (Plan A and Plan B) for project completion, and the majority of home buyers voted in favor of Plan A.
The Home Buyers filed a Section 7 petition against Cosmos Infra Engineering (India) Private Limited, the Corporate Debtor, due to delays in the 'Cosmos Express 99' housing project. The Corporate Debtor's project was incomplete, with only 70% of the civil structural work finished. An Advocate Commissioner was appointed to assess the project. The Corporate Debtor proposed Plan A and Plan B for completion. A majority (78.48%) of the 247 Home Buyers voted for Plan A. The Promoter of the Corporate Debtor filed an affidavit detailing Plan A, including a 12-month (+/- 3 months) timeline for completion and handover. The Corporate Debtor committed to infusing INR 10 Crore into the project and completing the remaining 30% of the work in 6 milestones. Homebuyers are required to
…Notice was issued…
The court appo…
Sign in to view related legal provisions.