NCLAT Backs Lucknow Body in Ansal Insolvency Case
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…