nclt: NCLT initiates bankruptcy against Ansal assets and infrastructure | Tech Reddy

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 alleged lapses on the part of Ansal API in 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 succeeded 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 complete and the default above the threshold limit, the present petition is admitted,” it said.

It prohibits 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.