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New Delhi, Nov 25 (IANS) The National Company Law Tribunal (NCLT) has ordered the commencement of the insolvency resolution process of Ansal Properties (NS:) and Infrastructure.
Creditors of Ansal Properties have been asked to submit their claims with evidence by December 1 to an expert for interim resolution.
The classes of creditors identified by the temporary resolution specialist include home buyers and depositors.
Ashwani Kumar Singla has been appointed as Interim Troubleshooter for Ansal Properties.
The company was established way back in 1967 and has been a well-known name for real estate in Delhi-NCR.
A two-judge bench of the NCLT admitted a plea filed by more than 100 beneficiaries of Ansal API’s real estate project ‘The Fernhill’ located in Sector 91, Gurgaon.
The NCLT order stated that the company had sufficient time to complete the project in terms of the contract between the builder and the buyer which it failed to deliver.
Homebuyers had alleged lapses by Ansal API in delivering the project within the promised time frame.
“The petitioners have succeeded in proving their debt and default by the respondent in this case.” Therefore, in the given facts and circumstances, since this application is complete and the default is above the threshold value, this Petition is allowed,” the NCLT bench said.
— IANS
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