Investors challenge Ansal API bankruptcy ruling in NCLAT
Investors, who had been waiting for their plots for 12 to 15 years, were taken aback when the NCLT declared Ansal API bankrupt on February 25. Since then, protests have erupted, with affected homebuyers opposing the decision.
A group of 33 investors of Ansal Properties Infrastructure Limited has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) decision to declare the company bankrupt. The appeal, led by Gagan Tandon, president of the Home Buyers Association, and other investors, is set to be listed on Wednesday.
The petitioners believe that the appeal has been filed in the interest of investors in Ansal’s Sushant Golf City and aims to overturn the company’s bankruptcy status.
On Tuesday, more investors submitted petitions to the NCLAT, with the Home Buyers Association actively encouraging others to join the legal battle. The association is also arranging legal support for investors willing to challenge the order.
The Home Buyers Association has requested the Lucknow Development Authority (LDA) to file an appeal against the NCLT ruling at its level. Despite thousands of investors having paid for plots in Sushant Golf City over a decade ago, many have yet to receive possession.
Investors, who had been waiting for their plots for 12 to 15 years, were taken aback when the NCLT declared Ansal API bankrupt on February 25. Since then, protests have erupted, with affected homebuyers opposing the decision.
Ansal API had submitted a 48-page petition to the NCLT in February, seeking bankruptcy status. The case now moves to the appellate tribunal, where investors hope for a resolution in their favour.