Homebuyers move NCLAT against Ansal API insolvency order
Lucknow, July 24 -- Homebuyers of Ansal API's hi-tech township have approached the National Company Law Appellate Tribunal (NCLAT) to challenge the February 2025 order by the NCLT declaring the developer insolvent. The hearing, set for Wednesday, was postponed due to lack of time and will now take place on July 31, said buyers' representative Gagan Tandon. Tandon stated that they have urged the court to direct LDA to complete the project.
Ansal's insolvency move shocked investors waiting over 12 to 15 years for their plots. Despite getting the DPR in April 2023, the company failed to begin work. LDA later filed an FIR, accusing Ansal API of illegally selling 411 acres of mortgaged land without any development....
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