NCLT admits insolvency petition against real estate developer Ajnara

Industry:    2022-09-21

The Delhi bench of the National Company Law Tribunal has initiated bankruptcy proceedings against Ajnara India Ltd, a Noida-based real estate developer on a petition filed by 128 homebuyers or its project Ajnara Ambrosia.

According to the NCLT order, allottees were seeking to initiate CIRP against the developer for the default committed against the financial debt paid by the applicants in lieu of the units purchased in the project.

“It is submitted that the respondent (developer) taking advance payments raised a total financial debt of Rs 50,47,48,426/- only from the applicants but failed to fulfil its commitments and defaulted in construction of the project,” the petition said.

NCLT has appointed IRP and has directed the developer to deposit Rs 2 lakh to meet the immediate expenses.

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