LUCKNOW: In a significant decision for the Lucknow Development Authority (LDA), the National Company Law Appellate Tribunal (NCLAT) has ruled that no actions regarding the insolvency proceedings of Ansal Properties and Infrastructure Ltd can proceed without hearing from the Authority.
This case involves alleged breaches of the High-Tech Township policy by the Ansal Group, including the non-delivery of plots, flats, villas, and commercial units booked by thousands of homebuyers in Lucknow since 2009.
The NCLAT had previously accepted the insolvency petition, declared the real estate firm as bankrupt, and appointed an interim resolution professional, raising concerns about the interests of buyers and the government. The LDA challenged this decision, arguing that the NCLAT acted without notifying them or other government departments, despite outstanding dues worth several thousand crores. The NCLAT agreed with the LDA’s stance.
Officials noted that the state government responded to homebuyer complaints, leading the LDA to file a First Information Report (FIR) and appeal to the appellate tribunal. The LDA also highlighted irregularities in land transactions involving 411 acres mortgaged under the township project, which were reportedly sold illegally.
The LDA has claimed approximately ₹4,500 crores in the proceedings. Officials stated that the NCLAT’s ruling strengthens the LDA’s case and protects the interests of homebuyers as the matter returns to the tribunal.
