The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Ansal Properties & Infrastructures on a petition filed by 126 flat buyers of one of the company's housing projects.

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A two-member bench of the insolvency tribunal had admitted the plea moved by 126 flat/villa buyers of Ansal API's real estate project "The Fernhill" located at Sector 91, Gurgaon.

In their petition, the buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyers agreement.

"The applicants have succeeded in proving their debt and default on the part of the Respondent in the instant case. Hence, in the given facts and circumstances, the present Application being complete and the default being committed above the threshold limit, the present Application is admitted," it said.

As a necessary consequence of the moratorium, it also imposed prohibitions against any recovery under suits, transfer of property, disposal of assets of the real estate firm and others under the Insolvency & Bankruptcy Code.

According to the buyers, Ansal API had promised to hand over the physical possession of the said units booked within 48 months, by July 2017 for the majority of the Applicants.

Even after including the grace period, Ansal API was required to hand over the allotted units by January 30, 2018, whereas, till March 31, 2021, the said units were not completed.

The entire project is lying incomplete/unfinished even after a gap of four years from the promised.

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