NCLT directs to initiate insolvency proceedings against realty firm Ajnara ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 42
The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Ajnara Ltd and appointed an interim resolution professional for the NCR-based real estate developer. A two-member New Delhi-based bench held the insolvency petition filed on behalf of 113 allottees of Ajnara Ambrosia as maintainable and as per the builder-buyer agreement, it was bound to give possession within three years of booking. "The corporate debtor has defaulted in handing over the units to the respective home buyers/allottees as per the terms of the builder-buyers agreement," said NCLT. The NCLT bench said its a "fit case" for admission of insolvency petition against Ajnara. "In the given

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