ATS group company goes into insolvency, homebuyers face uncertainty

Anand Divine Developers Pvt Ltd, which is building ATS Triumph project in Gurgaon, allegedly failed to pay dues amounting to over Rs 25 crore

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Ananda Divine Developers, a step-down company of NCR-based realty firm ATS Infrastructure.

According to the media reports, insolvency proceedings have been initiated after the National Company Law Tribunal (NCLT) admitted a petition filed by creditor ICICI Prudential Venture Capital Fund Real Estate Scheme 1 for non-payment of dues amounting to over Rs 25 crore.

The move will likely impact more than 443 homebuyers of the ATS Triumph project being built by Anand Divine in Gurgaon’s Sector 104.

According to the NCLT order, ICICI prudential venture has moved the tribunal after the developer defaulted on payment.

“In the present case, the corporate debtor has not filed any reply and written submissions till now. However, in view of the debt and default clearly mentioned in the application u/s 7, this bench is inclined to admit the present petition,” the tribunal said in the order.

Under Section 7 of the Insolvency and Bankruptcy Code (IBC), a financial creditor can get insolvency proceedings initiated against corporate debtor concerned.

Earlier, Delhi-NCR-based developer Supertech, which has a number of ongoing tasks in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency on March 25 after the Delhi bench of the NCLT admitted a petition filed by the Union Bank of India for non-payment of dues of Rs 431,92,53,302 as on January 31, 2021.

Insolvency proceedings have additionally been initiated towards Logix Blossom Zest situated in Sector 143 of Noida.

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