The National Company Law Tribunal has allowed the withdrawal of corporate insolvency resolution proceedings against ATS Group’s Nobility Estates Private Limited, the developer of the premium residential project Le Grandiose in Sector 150, Noida, bringing relief to more than 600 homebuyers.
The withdrawal application was filed by resolution professional Hitesh Goel on behalf of ASK Trusteeship Services Private Limited under Section 12A of the Insolvency and Bankruptcy Code. The committee of creditors approved the settlement with a 92.52% vote, including support from 636 homebuyers.
Under the settlement, the erstwhile management offered Rs 108 crore against liabilities of Rs 775 crore owed to ASK Property Investment Advisors Private Limited. Debt of Rs 220 crore owed to JM Financial is proposed to be settled through the allocation of 37 units spanning about 100,400 sq ft in Phase II of the project.
Debt owed to Piramal Finance, amounting to Rs 26.6 crore plus interest, is also proposed to be settled through the allocation of units in Phase II.
The settlement agreement requires the erstwhile management to secure revalidation of the sanctioned map and renew the RERA licence within 120 days of the Section 12A approval. It has also undertaken to complete construction of Phase II within 48 months.
The tribunal, noting that all procedural and statutory requirements under Regulation 30A of the CIRP Regulations had been met and that no stakeholder objections were pending, allowed the application and restored management control of NEPL to its board.
Earlier, the NCLT had permitted the withdrawal of insolvency proceedings against another ATS Group residential project in Noida, ATS Knightsbridge.
In November 2025, ATS HomeKraft, the group’s mid-income housing arm, repaid Rs 1,250 crore to HDFC Capital Affordable Real Estate Fund-2 (HCARE-2) through project cash flows.
The HCARE-2 portfolio with ATS HomeKraft comprised projects with more than 7,500 units and a total sales value of Rs 8,000 crore.
The group also prepaid Rs 190 crore borrowed from the government-backed SWAMIH Investment Fund I for its ATS Marigold project on the Dwarka Expressway.
In October 2024, ATS Group said it sold all 334 homes launched in the first phase of Sanctuary 105 on the Dwarka Expressway for Rs 825 crore. In March 2025, it said it sold about 400 residential plots worth more than Rs 1,200 crore in the first phase of Province D Olympia on the Yamuna Expressway, drawing expressions of interest from about 1,000 customers.
The group has completed 25 residential projects spanning more than 60 million sq ft and currently has 24 ongoing projects with a combined saleable area of 30 million sq ft.
Source: Economic Times