NCLAT halts insolvency proceedings against Ansal Group, Real Estate News, ET RealEstate
LUCKNOW: In a major relief for over 5,000 distressed homebuyers of Ansal Properties and Infrastructure Ltd (Ansal API), the National Company Law Appellate Tribunal (NCLAT) has passed an interim order halting key insolvency proceedings against Ansal Group and safeguarding buyers’ interests.
BJP’s Sarojininagar (Lucknow) MLA and Supreme Court advocate Rajeshwar Singh had appeared in the court to represent the buyers’ case. The buyers faced uncertainty since Ansal API was admitted into the Corporate Insolvency Resolution Process in Nov 2022.
Appearing before NCLAT on April 15 and 17, Singh argued that the buyers’ voices were ignored in the insolvency process. On Apr 25, the tribunal issued a key interim order. All govt bodies were allowed to intervene in the matter, and buyers’ interests were protected through the interim order. The next hearing is fixed for May 20.
Earlier, Singh had written to Chief Minister Yogi Adityanath on behalf of the buyers which led to an FIR and a high-level probe against the Ansal Group.
