The National Company Law Tribunal (NCLT) has allowed ICICI Prudential Venture Capital to withdraw the insolvency proceeding against Anand Divine Developers, a subsidiary of ATS Infrastructure, on Wednesday, May 25 2022.
The decision will end the uncertainty for hundreds of homebuyers who were adversely affected due to this legal process.
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National Company Law Appellate Tribunal (NCLAT) had stayed the insolvency proceeding initiated by NCLT in March 2022 against Anand Divine Developers on a petition of ICICI Prudential Venture Capital for outstanding due of around Rs 25 crore.
Anand Divine Developers subsidiary houses ATS Triumph project on the Dwarka Expressway, delivered in 2018. The project has 443 total apartments of which 78 are occupied. With the withdrawal of the petition from NCLT existing homebuyers will benefit from removal of any ambiguity around the possession of their apartments.
The ATS Group has drawn up a structured roadmap for delivery of delayed projects on strict redrawn timelines. The loan repayments are proceeding on schedule and the group is receiving support from its lenders with additional support wherever required.
ICICI Prudential Venture Capital gave a loan of Rs 75 crore to Anand Divine Developers in July 2014 . Anand Divine Developers paid Rs 92.50 crore in December 2017, including a principal amount of Rs 65 crore. The balance amount of Rs 9.37 crore was due for payment in March 2018.
