NEW DELHI: The National Company Law Tribunal (NCLT) has permitted the withdrawal of the corporate insolvency resolution process (CIRP) against Nobility Estates, the developer of ATS Group’s residential project Le Grandiose in Noida, following an agreement reached between lenders and the previous management.
The order was issued by the NCLT Principal Bench, led by Acting President Bachu Venkat Balaram Das and Member (Technical) Ravindra Chaturvedi on May 5, 2026. The application was submitted by resolution professional Hitesh Goel under Section 12A of the Insolvency and Bankruptcy Code (IBC) along with related regulations.
Insolvency proceedings against Nobility Estates commenced on November 24, 2023, initiated by a petition from ASK Property Investment Advisors. The company is engaged in developing the Le Grandiose project located in sector 150, Noida.
The order stated that the committee of creditors (CoC) endorsed the withdrawal proposal with a voting share of 92.52%, surpassing the required 90% threshold as per the IBC. A total of 636 homebuyers voted in favor, four against, while 128 abstained from voting. The tribunal acknowledged that no stakeholders opposed the withdrawal application.
The CoC included ASK Trusteeship Services (45.05%), IDBI Trusteeship Services (5.67%), Piramal Capital & Housing Finance (1.51%), and homebuyers (47.77%).
As part of the settlement, the previous management agreed to settle ₹108 crore against the ₹775 crore owed to ASK Property Investment Advisors. Additionally, debts of ₹220 crore owed to JM Financial will be settled through the allocation of 37 units totaling about 100,400 sq ft in Phase II of the project. Dues of ₹26.6 crore, plus interest owed to Piramal Finance, are to be settled similarly.
The terms of the settlement require the previous management to revalidate the sanctioned map and renew the RERA license within 120 days of the withdrawal approval. They are also obligated to complete Phase II construction within 48 months and provide regular progress reports, maintain insurance, and settle statutory dues.
The tribunal noted that an addendum to the settlement agreement was submitted on April 7, 2026, in response to demands from homebuyers, and was considered part of the withdrawal proposal.
Form FA, dated March 13, 2026, issued by ASK Trusteeship Services alongside an unconditional and irrevocable bank guarantee, was acknowledged by the tribunal. The application was found to meet the procedural requirements under Section 12A and Regulation 30A.
The NCLT instructed that management and control of Nobility Estates be restored to its board of directors, relieving the resolution professional from obligations arising from the CIRP. It also specified that any unpaid CIRP costs will be settled according to the law.
All outstanding applications related to the insolvency proceedings were resolved after the case’s withdrawal.
The order noted that related appeals were pending before the Supreme Court, which had previously indicated that a settlement would benefit all parties involved.
IA-1707/2026
Petitioner: ASK Property Investment Advisors
Respondent: Nobility Estates
