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Real Estate Firm Ajnara India Sent Into Insolvency by NCLT in Win for Homebuyers

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The Delhi bench of the bankruptcy court National Company Law Tribunal has sent developer Ajnara India Ltd after it admitted a petition that was filed by homebuyers who bought apartments at a delayed project in Noida. The action was taken against the Noida-based real estate firm as 128 homebuyers filed a complaint against it.

As per a report by Moneycontrol, who has the copy of the NCLT order, the bench directed a professional named Amarpal (who goes by his first name) to head the proceedings of the insolvency resolutions.

The order dated September 20 also mentioned that “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.”

This means that during the moratorium period, which is for 180 days from the date of the order, any suit or proceedings cannot be initiated against the builder.

The NCLT order further said that the allottees were seeking to initiate CIRP againstAjnara India for the default it committed against the financial debt paid by those who applied for the allocation, in lieu of the units bought in the Noida project, Ajnara Ambrosia.

“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.

The NCLT has further directed Ajnara Ltd to deposit Rs 2 lakh to meet immediate expenses.

The order comes in the background of homebuyer Manish Kumar Gupta, who, along with 112 other buyers, had filed a plea under Section 7 of the Insolvency and Bankruptcy Code 2016 with a request to start the corporate insolvency resolution process against Ajnara India Ltd.

The builder, Ajnara India, had entered into arrangements with individuals and companies that owned and possessed land totalling approximately 1,42,967 sq m located at plot no GH01, Sector 118, Gautam Budh Nagar, Noida for the construction of a group housing project, as per the Moneycontrol report.

As per the Builder Buyer Agreement, Ajnara India was supposed to hand over around 1,600 units within three years from the date of signing of the agreement. However, after taking the money from the homebuyers, the builder raised the loan amount of over Rs 50 crore but failed to stick to its commitments and defaulted on the construction of the project which in turn delayed the possession of the flats.

The homebuyers filed the case against the builder in January 2021, with a notice being issued to Ajanara India, who responded in October 2021 and raised certain objections.

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