Insolvency proceedings begin in Ansal Properties and Infrastructure

The National Company Law Tribunal (NCLT) has ordered the commencement of a corporate insolvency resolution process of Ansal Properties and Infrastructure.

The creditors of Ansal Properties have been asked to submit their claims with proof by December 1 to the interim resolution professional.

The classes of creditors ascertained by the interim resolution professional include home buyers and deposit holders.

Ashwani Kumar Singla has been appointed as interim resolution professional for Ansal Properties.

The company was set up way back in 1967 and has been a well known real estate name in Delhi-NCR.

A two-member NCLT bench had admitted the plea moved by more than 100 allottees of Ansal API's real estate project "The Fernhill" located at Sector 91, Gurgaon.

The NCLT order noted that the company had sufficient time to complete the project in terms of builder-buyer agreement which it failed to deliver.

The home buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame.

"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," NCLT bench said.

--IANS

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