NCLAT Gives Relief to Ansal API Homebuyers

IRP Cannot Invite Expressions of Interest From Potential Resolution Applicants: Tribunal

- HT Correspondent

LUCKNOW: The National Company Law Appellate Tribunal (NCLAT) on Friday gave relief to homebuyers in Ansal API case through its interim order restraining the Interim Resolution Professional (IRP) from inviting expressions of interest as Form G hasn't been issued.

The tribunal also allowed the intervention applications of the Lucknow Development Authority (LDA) and other development authorities, UP RERA, Housing Board and homebuyers.

It directed them to file affidavit in support of their case within two weeks.

The tribunal allowed the IRP to verify claims of creditors in accordance with the CIRP Regulations, 2016.

The IRP was appointed to evaluate Ansal API Group's projects in Lucknow, Noida and other cities. In Lucknow, buyers of the group's major project, Sushant Golf City, started protesting after the group was declared bankrupt.