ATS group company goes into insolvency, homebuyers face uncertainty - NOFAA

ATS group company goes into insolvency, homebuyers face uncertainty

Insolvency proceedings have been initiated against ATS group company Anand Divine Developers Pvt Ltd 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. There are more than 400 apartments in ATS Triumph project being built by Anand Divine in Gurgaon’s Sector 104.”As the project has received an occupancy certificate, buyers who have not registered (executed a conveyance deed) their units will have to file their claims with the insolvency resolution professional (IRP),” 

The proceedings against Anand Divine are the latest in a series of such actions against real estate players in the National Capital Region in recent times, as homebuyers continue to face uncertainty over defaults by the developers.

Anand Divine took the loan by mortgaging the complete 14 acres of land earmarked for the project, said the NCLT order issued on March 25. Moneycontrol has reviewed the copy of the order. Homebuyers who have received the possession of their units from the Corporate Debtor but do not have a deed of conveyance in their favor should file their claims with the IRP for obtaining ownership of their flats/units,” said Sandeep Bhuraria, Senior Partner, Zeus Law Associates.However, in the absence of any local law, a conveyance deed in favor of the allottee shall be carried out by the promoter within three months from the date of issue of the occupancy certificate, he explains. Delhi-NCR-based developer Supertech, which has several ongoing projects 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.

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