NCLT initiates insolvency proceedings against Ansal properties | Tech Reddy

New Delhi: The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against realty firm Ansal Properties and Infrastructure on a petition filed by 126 flat buyers of one of the company’s housing projects.

A two-member bench of the Insolvency Tribunal admitted the plea of ​​126 flat/villa buyers of Ansal API’s real estate project “The Fernhill” located in Sector 91, Gurgaon.

In their petition, the buyers have alleged lapses on the part of Ansal API in not delivering the project within the promised time frame as well as within the grace period provided under the clause of the builder-buyer agreement.

“The petitioners have been successful in proving their indebtedness and default on behalf of the respondent in the instant case. Therefore, given the facts and circumstances, the present petition being fully and above default, the present petition is admitted,” it said.

As a necessary consequence of the moratorium, it prohibited any recovery under the suit, transfer of property, disposal of assets of the real estate firm and sanctions against others under the Bankruptcy and Bankruptcy Code.

According to the buyers, Ansal API had promised to hand over physical possession of the booked units to most of the applicants by July 2017, within 48 months.

Even after including the grace period, Ansal API will have to transfer the allotted units by January 30, 2018, where as on March 31, 2021, the said units have not been completed.

The entire project remains incomplete/unfinished within four years of commitment.