ATS Nobility Estates Exits Insolvency, Offers Relief to Homebuyers
ATS Nobility Estates exits insolvency
The Economic Times
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The National Company Law Tribunal has permitted the withdrawal of insolvency proceedings against ATS Group's Nobility Estates Private Limited, benefitting over 600 homebuyers. The settlement involved an offer of ₹108 crore to cover liabilities of ₹775 crore, with additional debt settled through property allocation.
- 01ATS Nobility Estates has exited insolvency proceedings.
- 02The settlement was approved by 92.52% of creditors, including 636 homebuyers.
- 03The company offered ₹108 crore against liabilities of ₹775 crore.
- 04Debt of ₹220 crore owed to JM Financial will be settled with property allocation.
- 05This decision brings relief to over 600 homebuyers involved in the project.
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The National Company Law Tribunal has allowed ATS Group's Nobility Estates Private Limited to withdraw from corporate insolvency resolution proceedings, providing significant relief to over 600 homebuyers. The resolution was initiated by resolution professional Hitesh Goel on behalf of ASK Trusteeship Services Private Limited under Section 12A of the Insolvency and Bankruptcy Code. A 92.52% majority of the committee of creditors, including 636 homebuyers, approved the settlement. The management proposed an offer of ₹108 crore to address liabilities totaling ₹775 crore owed to ASK Property Investment Advisors Private Limited. Additionally, a debt of ₹220 crore owed to JM Financial is set to be resolved through the allocation of 37 units covering approximately 100,400 sq ft in Phase II of the Le Grandiose project in Sector 150, Noida.
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This resolution allows homebuyers to regain confidence in their investments and ensures the continuation of the residential project, potentially stabilizing property values in the area.
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