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 ₹108 crore against liabilities of ₹775 crore owed to ASK Property Investment Advisors Private Limited. Debt of ₹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.
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 ₹108 crore against liabilities of ₹775 crore owed to ASK Property Investment Advisors Private Limited. Debt of ₹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.
