The project “The Fernhill” is lying incomplete & unfinished even after four years from the promised delivery date.
The National Company Law Tribunal (NCLT) has agreed to initiate insolvency proceedings against real estate developer Ansal Properties & Infrastructures (Ansal API). The petition for the same was filed by 126 flat buyers of one of the company’s housing projects called “The Fernhill”.
A two-member bench of the NCLT had admitted to hear the plea of 126 flat & villa buyers of the project “The Fernhill” which is at Sector 91, Gurugram.
In their petition, the buyers had alleged delay & defaults on the part of Ansal API in delivering the project within the promised timeline. The plea also stated that the project could not be completed even after the grace period being granted within the clauses of the formal builder & buyer agreement.
“The applicants have succeeded in proving their debt and default on the part of the Respondent in the instant case. Hence, in the given facts and circumstances, the present Application being complete and the default being committed above the threshold limit, the present Application is admitted,” NCLT said in its order.
The NCLT also restricted & prohibited against any other recovery under suits, transfer of property, disposal of assets of the real estate company and others under the Insolvency & Bankruptcy Code.
The buyers of the project, in their plea, had alleged that Ansal API had promised to hand over the possession of the said units booked within 48 months. The said period ended by July 2017 for the majority of the Allottees/Applicants.
The NCLT also took note of the fact that even after including the grace period the said units were not completed. The grace period ended by January 30, 2018. Till March 31, 2021, the said units were not completed.
The NCLT judgment was based upon the fact that the entire project is lying incomplete & unfinished even after four years from the promised date of delivery.
Ravi Sinha
#RaviTrack2Media
Track2Realty is an independent media group managed by a consortium of journalists. Starting as the first e-newspaper in the Indian real estate sector in 2011, the group has today evolved as a think-tank on the sector with specialized research reports and rating & ranking. We are editorially independent and free from commercial bias and/or influenced by investors or shareholders. Our editorial team has no clash of interest in practicing high quality journalism that is free, frank & fearless.
Subscribe our YouTube Channel @ https://bit.ly/2tDugGl
