The Delhi Bench of the National Company Law Tribunal (NCLT), on September 20, 2022, admitted a petition to initiate insolvency proceedings against Noida-based Ajnara India Ltd. The plea has been filed by 128 home buyers in Ajnara’s project, Ajnara Ambrosia, under Section 7 of the Insolvency and Bankruptcy Code, 2016.
With this, a new name gets added to the list of NCR-based developers facing insolvency. Some of the major names in the list include Amrapali, Jaypee, Unitech, HDIL, Parsvanath, etc.
In their plea, the buyers submitted that the builder has failed to stick with the promised delivery timeline, in spite of collecting advances from them.
“It is submitted that the respondent (developer), taking advance payments, raised a total financial debt of Rs 50,47,48,426 only from the applicants but failed to fulfil its commitments and defaulted in construction of the project,” the petition said.
While admitting the plea, the NCLT has asked Ajnara to deposit Rs 2 lakh with its depository, to meet the immediate expenses. It also appointed Amarpal as the resolution professional in the case.
“The present application is admitted in terms of Section 7(5) of the IBC and accordingly, the moratorium is declared in terms of Section 14 of the Code,” the NCLT said in its order.
The NCLT thus prohibits start of any new suit or legal proceedings against the builder for a period of 180 days.
Note here that a total of 308 complaints are currently pending against Ajnara India Ltd while another 150 are pending against its sister concern Ajnara Realtech. Against Ajnara Ambrosia, 99 complaints are pending, according to the UP RERA website.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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