ATS group company : ATS Group company Anand Divine Developers Pvt. Ltd. Insolvency proceedings have been started against (Anand Divine Developers). In fact, the company has allegedly failed to clear dues of Rs 25 crore to its creditor ICICI Venture Capital Fund Real Estate Scheme 1. At the same time, this action has started with the acceptance of a petition filed by the creditor in this regard in the National Company Law Tribunal (NCLT).
Gurgaon project will be affected
This is estimated to have an impact on 443 homebuyers of the ATS Triumph project being built in Sector 104 of Gurgaon, which is being constructed by Anand Divine.
This latest case has been added to such action being taken against real estate companies in the National Capital Region in recent times. Homebuyers continue to grapple with uncertainties due to defaults by developers.
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The company had taken loan by mortgaging the land of the project
The NCLT, in its order issued on March 25, said that Anand Divine had taken this loan by mortgaging 14 acres of land for this project. Moneycontrol has reviewed this order. The name of Harish Taneja has been proposed for Insolvency Resolution Professional.
Piyush Singh, partner, PSP Legal, who is advocating the case in various courts on behalf of the buyers of the project, said, “ATS had launched this scheme to woo buyers through the buyback scheme. Most of the agreements were done under a subvention-cum-buyback scheme, in which developers were required to buyback units within three or four years of allotment.
He said that homebuyers should immediately submit their claims before the IRP.
ATS said, will submit the agreement soon
ATS Infrastructure Ltd. Gitamber Anand, CMD, said, “We have got the copy of the order and we are studying it. However, the funds are very less and the related projects and handovers have already taken place. It will not have any effect on other projects. We have settled the matter with ICICI Pru (applicant) and will submit a settlement soon.”
Recently, Delhi-NCR based developer company Supertech also went bankrupt. It has several under construction projects in Noida, Greater Noida, Gurugram and Ghaziabad.