Some Milestones & Updates

Apr’2022 – Oct'2022

Considering the points from the Court’s Order, CVA Core Team sat down with Alphacorp’s senior management to overcome these hurdles and quickly put up our Revival Plan again at DHC. The Most Important way which is considered in the Legal Process is seeing upfront Money. Court also Watches Seriousness of Both the Parties ie Buyers & Builders.

Finally on 27^th July’2022, CVA submitted a fresh Revival Plan in DHC adding that Alphacorp will give a Performance Bank Guarantee (PBG) of Rs.5Crs. We also consulted Senior Lawyers to prepare ourselves, so as to Approach DHC with buoyancy. It was suggested that in order to give confidence to the court as Propounders, CVA too has to demonstrate its serious intent, by raising a corpus of a modest amount of Rs.2Crs so as DHC is compelled to look at Our Capability, Sincerity & Strength.

In one of the hearing a Question came up in the High Court was “Are the Buyers Serious about the Scheme”? DHC also cited that in some earlier verdict, buyers didn’t pay? Hence in our 7^th GBM on 7^th Aug’2022 we resolved to create a corpus of about Rs.2Crs by contribution of at least @Rs 15000/- from each member. The said corpus will be managed by CVA opening FD in a reputed bank. On approval of the Revival Scheme by DHC, the money with applicable interest may be released to Alpha Corp against the demand of Viability Gap Funding (VGF) towards the contribution of respective members.

In a couple of subsequent hearings again the lawyers of OL and Rajani Anand tried to derail our new scheme saying that the threshold amount was still not there. OL’s lawyer was insistence on getting money deposited in the court, towards the cost of security guards. However in response to that our Senior Counsel produced a copy of the Resolution passed in the General Body Meeting, held on 07.08.2022 and submitted that an amount of Rs.50 Lakh had already been collected against the orpus of Rs.2Crs. This was taken seriously by the Hon Judge and was noted in the order dated 30/08/22.

Meanwhile few more round of discussions with the Alphacorp Management brought in fruitful results that Alphacorp will put in Rs.50Crs. upfront amount to start the construction bedsides a PBG of Rs.5Crs. It’s agreed that a new MOU will be signed very shortly incorporating this clause.

Feb'2022 – Apr’2022

The real court battle started during this time after the submission of CVA’s Revival Plan in DHC. Replies and Rejoinders were filed by CVA to all those petitions & objections including by Ex Directors, OL’s Office, Cuba, Surya Jyoti, SFIO etc. Owning to the paucity of time, DHC kept re-notifying the matters without Hearing the case. More than half dozen applications were filed by the ex-directors for their bail. Intervention by CVA lawyers in Trial Court, Session & High Court Foiled Repeated Attempts to get Interim/ Regular Bail.

We had our GBM on 20^th Feb’2022 which was attended by about 244 Members. We learnt that our Legal Process is Slow and we have to be well prepared for the same. This not only required Test of Patience but also Strong Financial Backup. We looked at other similar cases in NCLT or DHC which had also taken so much time to decide and there’s no short cut to the Legal Process.

The Good Part During this Period was that the Retail Prices of Real Estate Steadily Moved Upwards & the Demand for Commercial Property also Gradually Increased. Some Judgements by HC & SC also came in favour of the Buyers.

The Legal Battle continued and some of the petitions were filed to have CVA Revival Plan rejected. Cuba put up an application to allow them to place a revival scheme with HS Oberoi Buildtech pvt ltd. The Hon DHC in their Order dtd 6/04/22 stated that no specific permission to file an application for revival of the scheme was required. Thus their application was dismissed. Even the scheme put up by the ex-directors got disposed of since the court felt that being in jail they won’t be able to come out with any viable scheme.

On 26/04/22 Justice Vinod Bakhru dismissed CVA revival plan also citing the following reason:

1. The scheme does not envisage any upfront payment by the New Developer.

2. The other flat buyers are also opposing the scheme.

3. The applicant is at liberty to propose a scheme; however, it would ensure that the same entails an upfront deposit of the threshold amount required for completing the project(s).

Nov'2020 - Jan'2022

After the Submission of our Revival Plan at DHC on 20th Oct'20, the last little over one year had been full of Hearings & Dates at DHC, Session Courts & Lower Courts. Notices were issued to All the Concerned Parties ie OL, Ex Directors of Cosmic & CVA etc. We filed number of Petitions & Rejoinders in response to the same.

This was the time when Mutreja Brothers were out on interim bail for about 6-8 months. They had formed various (about 8) WhatsApp groups and named them revival groups. Ex Directors of Cosmic tried their best to Miscommunicate about their Readiness to Construct and held different online meetings too. But not only the buyers even the DHC understood their intend when they put up petition for the extension of their bail and questioned them as to what they actually did during the bail period? Their interim Bail was finally rejected by DHC on 6th April'21.

The Hearing at DHC continued @2-3 in a month and CVA Core Team along with our Lawyers attended the same both online & physical whatsoever was scheduled. We were ready with our strong replies when the lawyer of Mutrejas stated in DHC that the ex Directors helped CVA sign the deal with Alphacorp.

CVA took the initiative to have joint meetings with various customer groups and compiled their suggestions & forwarding them onwards to Alphacorp. Thereafter we had a video call with Alphacorp who processed the suggestions and assured us to take corrective actions at an appropriate time.

Meanwhile CVA also pursued SFIO report by filing an application before DHC. We also filed a formal complaint against Sunsara Infra Pvt Ltd whom we had paid Rs.14.10 Lacs towards due diligence charges however they failed to deliver as per the MOU.

Most disheartening thing is that during this period of more than a year only about 100 members got added in CVA. This means there are lots of buyers still sitting on the fence & just watching our activities. Appeal all to spread the word around and ask buyers to join CVA.

Meanwhile more petitions were filed in the Cosmic Case by Surya Jyoti (Original Lease Holder of CCP-3), Security Agency of Cosmic for recovering their dues. After receiving the notices from DHC, all those petitions were replied by CVA lawyer appropriately and in the overall interest of the buyers.

May-Oct' 2020

This was the peak time of the pandemic Covid-19. Yet our core ream was in regular touch with the new builder Alphacorp thru physical as well as online meetings to stitch our strategic alliance with them. After the lock-down was relaxed a bit we had multiple round of meetings with their Lawyers,CFO and Cost Management teams. Meanwhile our mailing and SMS campaign increased CVA membership to 1250+. Still a long way to go as the total buyers are 6000+

Finally the day came and we signed our MOU on 5th Oct'20 with Alphacorp at their office in Gurugram and closed on the finer points of the Revival Plan. Within a week CVA submitted this in DHC for their consideration. Meanwhile we also filed our formal reply to the scheme of ex directors in DHC.

A GBM of our members was held online thru Video Conference on Sunday ie 11th Oct'20. About 298 CVA members attended this and this was very interactive with more than an hour dedicated for the questions answer session. The most important part was that our Revival Plan was approved by absolute majority and about 97% voted in favor of the plan. You can go thru the detailed minutes of the meeting which is separately uploaded on our website.

Jan-April 2020

Alphacorp completed their preliminary cost evaluation and shared the report with CVA. On 1^st March’20 CVA had a very successful GBM and passed some important resolutions which were critical for the new builder.

On 13^th March’20 for the first time lawyer of AlphaCorp was present along with ours in DHC. For the 1st time there were strong arguments on both sides and Hon. Judge Mr Jalan listened to those, allowing CVA to put up the revival plan on or before 9th July'20. While reviewing the hearing of DHC our lawyers observed & suggested that in order to have an easy passage for our revival plan, we will have to prove that the investments made by the total members of the Association is more than 50% of sum collected by Mutrejas. That means we need to have the majority ie more members.

An aggressive email campaign was floated so as Cosmic buyers are made aware of the latest & asked to join CVA to strengthen our hands. As we write this, we’re pleased to confirm having Crossed 1000+ Strong Member’s Milestone. Still a long way to go as there are actually 6000+ units sold.

Oct- Dec 2019

Revival being the only Solution to recover the hard earned money of the buyers, CVA started working aggressively and simultaneously for various Alternate options and had Discussions / Meetings with many New Developers/Builders.

A couple of them showed interest and out of those AlphaCorp was found to be better having completed many Commercial & Residential Projects in India besides having financial muscle & similar experience of revival thru DHC, in Alliance with the Association of another project.

CVA Filed an Application in DHC for permission of inspection of all sites. It was approved and DHC instructed OL to cooperate with us and arrange for inspection of all the projects sites.

Cost Management team of AlphaCorp had physical inspection of all the sites with CVA team and collected requisite data for evaluation.

Jan- Sept 2019

In Jan 2019, Sunsara informed us that they have finalized a builder from the Gulf & have signed an MOU with their Indian Subsidiary.

Initially it ready to revive all the Cosmic Projects, So CVA and SUNSARA started working on this. SUNSARA submitted the Revival Scheme to CVA but our Advocate found it legally unviable. We had several meetings with Sunsara but the new builder was not ready to modify the MOU due to complex jurisdiction system of India and eventually lost interest in this revival.

CVA once again came on the drawing board to find a new builder.

Sept- Dec 2018

CVA won the case in DHC (Delhi High Court) for appointment of SFIO (Serious Fraud Investigation Office) to investigate the case of siphoning of funds by ‘Cosmic Structure Ltd.’

We met their Director, Senior Officers & Investigating Officer and provided required inputs for the Forensic Audit. SFIO secured details of all the bank accounts of Cosmic and also Summoned Ex. Directors and other former senior Officials of Cosmic. SFIO also secured all information from NOIDA, GNOIDA, MOEF etc. and asked DHC for 4 months’ time to submit their report.

August 2018

A General Body Meeting was held on 15th August'18 at Jawahar Lal Nehru Youth Center, Deen Dayal Upathyay Marg, Near ITO, New Delhi, which was attended by about 250+ members. The participation by the members, gives your Association and its Governing Body, some Confidence and that's very important support, in moving forward. Important updates were given to the members and also shared the crisp action plan, for the future.

April - June 2018

Organized Successfully our First General Body Meeting on 6th May'18 and 250+ members participated in the meeting. We got approval for the Due Diligence (Legal, Technical & Financial) for taking forward our Revival Mission, with Sunsara Group. We also apprised our members, that we have finally won, our first battle by way of getting the DHC (Delhi High Court) order dated 29^thMay’18 asking SFIO to investigate the case of Cosmic.

January - March 2018

On 18^th January’18, we finally got our Association Registered, at the All India Level under the Societies Registration Act XXI of 1860 vide letter ref no S/ND/896/2018 signed by the registrar of societies and formally named it "Cosmic Victims Association". Immediately we started the membership drive. Bank account was also opened for ease of operations.

November 2017

After meetings with several builders, we came in touch with Sunsara group, who came out to be more capable both technically and financially. So we started sharing the information and details of all six pending projects of Cosmic with them.

August 2017

We observed from some of the court hearings and meeting with various legal experts, that having a registered association is the only way for revival and getting our hard earned money back, as the courts will strongly and seriously take positive position, if a large number of people appeal for justice. That triggered in our mind the efforts for revival, of all cosmic projects and we started meeting with several builders as well as applied for National Level Regd. Association.

July 2017

Tis Hazari Court was full of our supporters, where the bail application of Mutreja brothers, was being heard. One of our members proposed to the judge for actually allowing only one brother to come out which was then decided in favor of Sushant. This was for 45 days only so as any concrete action, if any, could be taken by him on revival of the projects. On 6^th July 2017, Sushant and his Lawyer Sanjay Manchanda had meeting with some of the complainant’s advocates and said that he tried to finalize some deals for resuming construction, but nothing could get actually signed. He asked for 90 days more to complete the task. Court didn’t extend his bail and he got again in custody

June 2017

We (approx. 100 members) had meeting with EOW to find the siphoning out of funds, as to where it had gone and to take action against Mutrejas. EOW DCP Varsha Sharma and ACP Mahesh Tholia, accepted that they couldn’t dig out the money trail, in the absence of competent staff. They promised to take some action in the next one month, but nothing actually happened on the ground. This gave us learning and we decided to move Delhi High Court to have the Cosmic case investigated thru SFIO (Serious Fraud Investigation Office).

October 2016 – December 2016

We continued to keep our contact with the buyers, so as to bring them under one platform and insisted that each one must file a formal complaint at EOW. In a short span of time, this gave results by way of a very significant increase in the number of total Complaints at EOW, New Delhi. These got increased up to 600+ and that put huge amount of pressure on EOW to take action and move forward quickly. Four charge sheets were then submitted in Tis Hazari Court by EOW. We also had several meeting and follow ups with EOW, at ACP & DCP level to take further action against, rest of the cosmic directors. Regular review meetings were conducted with them and minutes circulated.

September 2016

Tis Hazari Court asked Agra police to hand over Mutrejas to Delhi police, since complaints at EOW were pending against them and the charge sheets was getting prepared. On 16^th Sept 16, Delhi Police took the custody of Mutrejas, from Agra police.

July 2016

NBW (Non Bailable Warrant) was issued by Agra Police and some of us went to Mutreja’s residence in New Rajendra Nagar, on 29^th July 2016. They tried to run away in their SUV and hit one of our member, Mrs. Asha Sachdeva, thus resulting in her legs fractured. Finally both Mutreja brothers got arrested on our complaint, at Rajinder Nagar Police Station and the next day, they were handed over to Agra Police.

March 2016 – June 2016

We had started some strong protest marches and demonstrations at Mutreja’s residence and offices. We also contacted Media for visibility and thus Aajtak, ABP, Zee also covered, our demonstration on 5^th April and 7^th June.

Some Background

Our actual journey began, way back in 2015 or even before, when the assured returns cheques given by Cosmic Structures Ltd., had started bouncing. There was uproar in their office as the buyers rushed, demanding fresh cheques and payments. Even the fresh cheques issued by Cosmic, got bounced and no further cheques were issued, after March'15.

It was very evident that the intention of Mutreja brothers was not fair. Therefore immediately realizing the situation, we talked to various buyers and decided to lodge formal complaints at EOW (Economic Offence Wing) at Mandir Marg, New Delhi. That gave a formal beginning of a tough journey and fight against Cosmic Structures Ltd. thus our group was initially called “EOW Group”.