Insolvency proceedings have been initiated against ATS group company Anand Divine Developers Pvt Ltd after the National Company Law Tribunal (NCLT) admitted a petition filed by creditor ICICI Prudential Venture Capital Fund Real Estate Scheme 1 for non-payment of dues amounting to over Rs 25 crore.
There are more than 400 apartments in the ATS Triumph project being built by Anand Divine in Gurgaon’s Sector 104.
Getamber Anand, CMD of ATS Infrastructure Limited, said this has no bearing on the group’s other projects or on the group itself, adding that the amount under consideration is a very small sum and the related project is completed and handed over. “We have received a copy of the order and we are in the middle of studying the same. Meanwhile, we have mutually closed this dispute/matter with ICICI Prudential (applicant) and will be filing a settlement soon,” he said.
Anand Divine took the loan by mortgaging the complete 14 acres of land earmarked for the project, said the NCLT order issued on March 25. Moneycontrol has reviewed the copy of the order.
Harish Taneja's name has been proposed as the insolvency resolution professional.
"As the project has received an occupancy certificate, buyers who have not registered (executed a conveyance deed) their units will have to file their claims with the insolvency resolution professional (IRP)," a legal expert told Moneycontrol.
The proceedings against Anand Divine are the latest in a series of such actions against real estate players in the National Capital Region in recent times, as homebuyers continue to face uncertainty over defaults by the developers.
Piyush Singh, the partner at PSP Legal, which is representing buyers of the project in various courts, said the scheme was launched by ATS to attract buyers through a buyback scheme. Most agreements were under a subvention-cum-buyback scheme, wherein the developer was to buy back the units after three or four years of allotment.
Homebuyers should immediately file their claim with the IRP, he said.
"Homebuyers who have received the possession of their units from the Corporate Debtor but do not have a deed of conveyance in their favour should file their claims with the IRP for obtaining ownership of their flats/units,” said Sandeep Bhuraria, Senior Partner, Zeus Law Associates.
As for the time period within which a homebuyer has to register his unit after being granted a letter of possession by the builder, he says that while there is no defined period within which a buyer has to execute a conveyance deed, Section 17 of RERA states that the promoter will have to execute a registered conveyance deed in favour of the allottee along with the undivided proportionate title in the common areas to the association of the allottees or the competent authority, as the case may be, and hand over the physical possession of the plot, apartment or building, as the case may be, to the allottees within the specified period as per sanctioned plans as provided under the local laws.
However, in the absence of any local law, a conveyance deed in favour of the allottee shall be carried out by the promoter within three months from the date of issue of the occupancy certificate, he explains.
Delhi-NCR-based developer Supertech, which has several ongoing projects in Noida, Greater Noida, Gurugram and Ghaziabad, went into insolvency on March 25 after the Delhi bench of the NCLT admitted a petition filed by the Union Bank of India for non-payment of dues of Rs 431,92,53,302 as on January 31, 2021.
Insolvency proceedings have also been initiated against Logix Blossom Zest located in Sector 143 of Noida.
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