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New Delhi: The National Company Law Tribunal The court has directed initiation of insolvency proceedings against realty firm Ansal Properties & Infrastructure on a petition filed by 126 flat buyers of a housing project of the company.
A two-member bench of the Insolvency Tribunal had accepted the petition of 126 flat/villa buyers. Ansal APILtd.’s real estate project “The Fernhill” is located in Sector 91, Gurgaon.
In their petition, the buyers had alleged lapse on the part of Ansal API to deliver the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyer agreement.
“The applicants have been successful in proving their debt and default on the part of the defendants in the present case. Therefore, in the given facts and circumstances, the present application is complete and the default is in excess of the threshold limit, the present application is accepted,” it said. Told.
As a necessary consequence of the moratorium, it imposed prohibition under the Insolvency and Bankruptcy Code against any recovery under litigation, transfer of assets, disposal of assets of the real estate firm and others.
According to the buyers, Ansal API had promised to hand over the physical possession of the booked units within 48 months by July 2017 for most of the applicants.
Even after including the grace period, Ansal API was supposed to hand over the allotted units by January 30, 2018, while the said units were not completed by March 31, 2021.
Even after a gap of four years, the entire project is lying incomplete/incomplete.
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