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The National Company Law Tribunal (NCLT) has ordered the initiation of a corporate insolvency resolution process for Ansal Property and Infrastructure.
Creditors of Ansal Properties have been asked to submit their claims along with evidence to the Interim Resolution Professional by December 1.
The class of creditors determined by the interim resolution professional includes home buyers and deposit holders.
Ashwani Kumar Singla has been appointed as Interim Resolution Professional at Ansal Properties.
The company was established in 1967 and is a well-known real estate name in Delhi-NCR.
A two-member NCLT bench accepted the plea of over 100 allottees of Ansal API’s real estate project “The Fernhill” located in Sector 91, Gurgaon.
The NCLT order noted that the company had sufficient time to complete the project as per the terms of the builder-buyer agreement which it failed to deliver.
Homebuyers have complained of lapses on the part of Ansal API to deliver the project within the promised time frame.
“The petitioners have succeeded in proving their indebtedness and default on behalf of the respondent in the instant case. Therefore, in the given facts and circumstances, the present application being complete and committed above the default threshold limit, the present application is allowed,” the NCLT bench said.
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