Insolvency proceedings against Ansal Properties & Infrastructures initiated by NCLT

126 flat/villa buyers of “The Fernhill” located at Sector 91, Gurugram, an Ansal API’s real estate project has moved the plea which was admitted by a two-member bench of the insolvency tribunal.

NEW DELHI: The National Company Law Tribunal has ordered insolvency proceedings against realty firm Ansal Properties & Infrastructures initiated on a petition filed by 126 flat buyers of one of the company’s housing projects.

The buyers in their petition had purported defaults by Ansal API in delivering the project within the promised time frame and even after the grace period provided under the clauses of the builders-buyers agreement.

“The applicants have succeeded in proving their debt and default on the part of the Respondent in the instant case. Hence, in the given facts and circumstances, the present Application being complete and the default being committed above the threshold limit, the present Application is admitted,” it said.

As a necessary consequence of the moratorium, it also imposed prohibitions against any recovery under suits, transfer of property, disposal of assets of the real estate firm and others under the Insolvency & Bankruptcy Code.

As per the written petition filled by the buyers, Ansal API promised them to give the physical possession of the said units booked within 48 months- by July 2017 for the majority of the applicants.

Even after including the grace period, Ansal API was required to hand over the allotted units by January 30, 2018, whereas, till March 31, 2021, the said units were not completed.

The entire project is lying incomplete/unfinished even after a gap of four years from the promised.

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