NCLT Approves Withdrawal of Insolvency for ATS Knightsbridge


NEW DELHI: The National Company Law Tribunal (NCLT) has sanctioned the withdrawal of insolvency proceedings against ATS Knightsbridge, a residential project in Noida, following an agreement with lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC).

The insolvency process, initiated by ASK Trusteeship Services under section 7 of the IBC in 2023, was formally dismissed by the NCLT’s New Delhi bench on March 13, 2026. Consequently, the Corporate Insolvency Resolution Process (CIRP), which began in April 2024, has been officially concluded.

The project, developed by ATS Heights, is in the advanced stages of construction, with all five towers either completed or nearing completion. The developer estimates a tentative handover timeline of 18-24 months, pending regulatory approvals and environmental conditions, including stipulations under the Graded Response Action Plan (GRAP).

Previously, the National Company Law Appellate Tribunal (NCLAT) intervened in May 2024, halting further insolvency proceedings while permitting construction to proceed under supervision, thereby protecting the interests of homebuyers.

  • Published On Mar 22, 2026 at 06:00 PM IST

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