Home buyers of Ajnara Ambrosia in Noida filed a petition with the National Company Law Tribunal (NCLT) in Delhi to begin insolvency proceedings against Ajnara India Ltd. The Delhi bench of the NCLT has granted their request. A group of 113 buyers complained to the NCLT in 2021 about a delay in the project’s housing delivery. Although the project was scheduled to be finished in 2019, construction paused in 2017.
Homebuyers who have been waiting for their promised homes for years have brought a lengthy list of Noida-based developers before the bankruptcy courts, and the insolvency proceedings represent yet another chapter in that long list.
The order from September 20 further said that “the moratorium is announced in accordance with Section 14 of the Code” and that “the current application is admitted in terms of Section 7(5) of the IBC.” A petition under Section 7 of the Bankruptcy and Bankruptcy Code 2016 was filed by homebuyer Manish Kumar Gupta and 112 other buyers with the request to start the corporate insolvency resolution process against Ajnara India Ltd.
133 homebuyers petitioned the NCLT in 2021 to begin insolvency proceedings against Ajnara India Ltd. The NCLT sent notices to Ajnara in April of that year, and they replied in October. The bench has now formally acknowledged the petition and appointed an expert in interim resolution.
The developer accepted an advance payment from home buyers totaling Rs 50,47,48,426 in accordance with the NCLT ruling, but failed to fulfil its obligations to construct and deliver the units. Through their attorney, Advocate Bharat Bhushan Sethi, buyer Manish Kumar Gupta and 112 more buyers filed the case pursuant to Section 7 of the Insolvency and Bankruptcy Code 2016.