Lucknow Development Authority (LDA) will move National Company Law Appellate Tribunal (NCLAT) to block insolvency proceedings against Ansal API next week, according to a senior government official.
The authority filed a first information report with Lucknow police on Tuesday charging Ansal API directors Pranav Ansal, Sushil Ansal, Sunil Gupta, Vinay Singh and Francette Patrica Atkinson of criminal conspiracy and land grab at a 6,465 acre township in the city for which development rights have been granted to the company.
“We will be moving NCLAT next week. We are in the process of engaging lawyers,’ said Prathamesh Kumar, vice chairman, Lucknow Development Authority.
Kumar did not elaborate on the grounds for seeking legal recourse but said that the authority was owed dues by the developer.
National Company Law Tribunal (NCLT) had admitted Ansal API for insolvency proceedings last week on an application filed by IL&FS Financial Services, one of the company’s financial creditors.
Lucknow Development Authority has claimed it is owed dues of Rs. 400 crore by Ansal API. It has also accused the developer of usurping restricted lands in the township and selling them through unauthorized transactions.
