NCLT disposes of IBC Section 7 petition filed by Homebuyer in Real Estate Insolvency resolving the issue through Advocate Commissioner – Girish Luthra and Ors. Vs. Cosmos Infra Engineering (India) Pvt. Ltd. – NCLT Principal Bench, New Delhi

In this case, the Home Buyers are aggrieved by the Corporate Debtor’s conduct in not completing the project in time; and therefore creditors in a class filed Section 7 Petition. NCLT appointed an Advocate Commissioner vide order dated 23.05.2023. The Home Buyers giving their assent to Plan-A proposed by the Corporate Debtor, the details of the proposal was agreed by the Corporate Debtor.

Hon’ble NCLT Principal Bench, New Delhi disposes of the petition holding that since the parties have come to certain terms for resolving the issue we deem it fit to record the same stating that it will be binding on the parties for implementation. We do so keeping in mind the decision of the Hon’ble Supreme Court in the similar proceedings in the case of Amit Katyal vs. Meera Ahuja & Ors. reported in (2022) ibclaw.in 14 SC as well as in the matter of Anand Murti vs. Soni Infratech Pvt. Ltd. & Anr. reported in (2022) ibclaw.in 27 SC.

NCLT disposes of IBC Section 7 petition filed by Homebuyer in Real Estate Insolvency resolving the issue through Advocate Commissioner – Girish Luthra and Ors. Vs. Cosmos Infra Engineering (India) Pvt. Ltd. – NCLT Principal Bench, New Delhi Read Post »