LUCKNOW: The troubles for Ansal Group deepened as the National Company Law Appellate Tribunal (NCLAT) allowed all concerned authorities, including the Lucknow Development Authority (LDA), to become parties in the ongoing insolvency case.
The move, following strong advocacy by LDA, is expected to reinforce the interests of homebuyers affected by the real estate giant’s alleged violations of the Hi-Tech Township policy.
Earlier, NCLAT declared Ansal Group bankrupt, appointing an Interim Resolution Professional (IRP). This decision left thousands of investors stranded, with their funds stuck in incomplete projects, including plots, flats, villas, and commercial properties. Several buyers, who booked plots as early as 2009, are yet to receive possession.
Taking a stern stance, Chief Minister Yogi Adityanath directed strict action against the developer. Acting on this, LDA not only filed an FIR against Ansal Group but also challenged the insolvency order before NCLAT.
Advocates Abhishek Chaudhary and Sanjeev Kumar Dubey presented the case on behalf of the state, leading to NCLAT’s order favouring govt intervention. Authorities now have a week to submit an affidavit detailing their claims, with the next hearing scheduled for April 15.
Meanwhile, LDA also placed a Rs 4,500 crore liability claim against Ansal Group in NCLAT, citing unauthorised sales of 411 acres mortgaged as a performance guarantee. Notably, NCLAT passed its order without seeking input from LDA, the Housing Department, or other govt agencies.
A senior LDA official stated, “The NCLAT’s decision to include multiple parties, including LDA, in the insolvency case of the Ansal Group will enable us to present our case before the tribunal and facilitate the recovery of our land along with the amount payable by the Ansal Group to LDA.”
Lucknow: The troubles for Ansal Group deepened as the National Company Law Appellate Tribunal (NCLAT) allowed all concerned authorities, including the Lucknow Development Authority (LDA), to become parties in the ongoing insolvency case.
The move, following strong advocacy by LDA, is expected to reinforce the interests of homebuyers affected by the real estate giant’s alleged violations of the Hi-Tech Township policy.
Earlier, NCLAT declared Ansal Group bankrupt, appointing an Interim Resolution Professional (IRP). This decision left thousands of investors stranded, with their funds stuck in incomplete projects, including plots, flats, villas, and commercial properties. Several buyers, who booked plots as early as 2009, are yet to receive possession.
Taking a stern stance, Chief Minister Yogi Adityanath directed strict action against the developer. Acting on this, LDA not only filed an FIR against Ansal Group but also challenged the insolvency order before NCLAT.
Advocates Abhishek Chaudhary and Sanjeev Kumar Dubey presented the case on behalf of the state, leading to NCLAT’s order favouring govt intervention. Authorities now have a week to submit an affidavit detailing their claims, with the next hearing scheduled for April 15.
Meanwhile, LDA also placed a Rs 4,500 crore liability claim against Ansal Group in NCLAT, citing unauthorised sales of 411 acres mortgaged as a performance guarantee. Notably, NCLAT passed its order without seeking input from LDA, the Housing Department, or other govt agencies.
A senior LDA official stated, “The NCLAT’s decision to include multiple parties, including LDA, in the insolvency case of the Ansal Group will enable us to present our case before the tribunal and facilitate the recovery of our land along with the amount payable by the Ansal Group to LDA.”
