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.

Certified Properties

Do you want us to call you in next 5 minutes?
1 Step 1
When should we call you?
Timeof appointment
access_time
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right
FormCraft - WordPress form builder
Share this story
Facebook
Twitter
LinkedIn
WhatsApp

These articles will also increase your knowledge...

2BHK & 3BHK Near Chandigarh University (Kharar-Kurali)

2BHK & 3BHK Near Chandigarh University (Kharar-Kurali)

Nestled in the vibrant landscape near Chandigarh University, Kurali is emerging as a hotbed for...
Continue reading
Chandigarh vs Kurali

Chandigarh vs Kurali: Decoding the Real Estate Investment Landscape

Navigate the real estate choices between Chandigarh and Kurali to make the smartest investment...
Continue reading
Chandigarh Metro's Effect on Real Estate Development

Chandigarh Metro’s Effect on Real Estate Development

In a significant development for the residents of Chandigarh and its neighboring regions, the Rail...
Continue reading
Zirakpur Real Estate Market

Unveiling the Potential: Zirakpur Real Estate Market

Nestled in the picturesque region of Punjab, Zirakpur has evolved into a bustling real estate hub...
Continue reading
Exploring Chandigarh's Real Estate

Exploring Chandigarh’s Real Estate (Land, Residential, Commercial, Industrial)

Chandigarh, the meticulously planned capital of Punjab and Haryana, is renowned for its...
Continue reading
1 bhk flat in mohali for sale (ExactHousing)

1 bhk flat in mohali for sale (ExactHousing)

If you're interested in buying a 1 BHK flat in Mohali, there are several options available on the...
Continue reading

Compare listings

Compare
WeCreativez WhatsApp Support
Hey, Are you looking for a property? Get FREE Consultation.
👋 Hi, how can I help?

Need Assistance?

(Buying Flats & Plots)

Real Estate Experts (New Chandigarh, Mohali, Zirakpur) dial us at [9988809910]

OR
1 Step 1
REQUEST CALLBACK
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right
FormCraft - WordPress form builder