After around an 18-month long hearing, the National Company Law Tribunal (NCLT) has admitted homebuyers' petition for initiating insolvency proceedings against NCR-based real estate developer Ajnara India. The Delhi branch of the bankruptcy court admitted the plea on September 20. Meanwhile, according to reports, Ajnara India owner Pramod Gupta has said that he will appeal against the decision in the National Company Law Appellate Tribunal (NCLAT).
A total of 113 homebuyers who had invested in Ajnara Ambrosia moved to the NCLT in January 2021 and their petition has now been admitted successfully. The homebuyers had sought to initiate CIRP against Ajnara alleging default as the developer failed to deliver their flats despite taking advanced payments.
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The NCLT has also appointed an Insolvency Resolution Professional (IRP) named Amarpal to take ahead the proceedings. Now, Ajnara cannot take up any work on the project without approval from the IRP. Since the application has been admitted under Section 7(5) of the IBC and the moratorium is declared as per Section 14, it bars the initiation of any suit or proceedings against the builder for the next 180 days from the order date.
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According to the petition, Ajnara India had received advance payments from the homebuyers to the tune of Rs 50,47,48,426 but failed to fulfil its commitments and defaulted in the construction of the project. The builder was supposed to deliver the project having 1,600 units within three years from the date of the agreement with the buyers. The project was officially launched in 2014 and many buyers had booked units in it starting from 2012 under pre-launch bookings.
The project was being built at a land area of approximately 1,42,967 sq in Sector 118, Noida.
