NCLAT allows LDA, other govt bodies to join case against Ansal
The tribunal directs all authorities concerned to file an affidavit presenting their facts within a week. The next hearing is scheduled for April 15.
The National Company Law Appellate Tribunal (NCLAT) has allowed Lucknow Development Authority (LDA) and other government bodies to become parties in the bankruptcy case against Ansal Properties and Infrastructure Ltd, LDA said in a release The decision was announced on Wednesday.
The NCLAT directed all concerned authorities to file an affidavit presenting their facts within a week. The next hearing is scheduled for April 15.
Previously, chief minister Yogi Adityanath ordered stringent action against Ansal after receiving complaints from homebuyers who invested in plots, flats, villas, and commercial properties but did not receive possession. Acting on these directions, LDA not only filed a FIR against the company but also challenged the National Company Law Tribunal’s (NCLT) decision to declare Ansal bankrupt.
During the NCLAT hearing, senior advocates Abhishek Chowdhury and Sanjeev Kumar Dubey represented LDA and the state government. They argued that the NCLT’s decision was passed without notifying or hearing government agencies, which compromised the state’s financial claims and the rights of homebuyers. Taking note of these arguments, the NCLAT permitted LDA and other authorities to join the proceedings and present their case, LDA said in the release.
LDA argued that without the involvement of government bodies, homebuyers would lose their claims. The tribunal’s decision to allow authorities to intervene is seen as a significant step toward protecting the homebuyers’ interests.
The NCLT has declared the group bankruptcy and appointed an Interim Resolution Professional (IRP) to manage its affairs.
₹4,500 crore liability claim
LDA has also presented a ₹4,500 crore liability claim against Ansal before the NCLT. This amount includes acquisition fees, map approval charges, and other dues. The authority revealed that 411 acres of land, mortgaged to LDA as a performance guarantee under the Hi-Tech Township Policy, was sold unauthorisedly by Ansal. This unauthorised sale has further complicated the legal battle, as the land was meant to ensure the completion of the project. With the NCLAT order allowing LDA and other government bodies to present their case, the UP government has intensified its legal pursuit against the real estate giant.
