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Ananda Divine Developers, an ATS Group company, is the target of NCLT insolvency proceedings

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News Tech: The National Company Law Tribunal (NCLT) has initiated bankruptcy proceedings against Ananda Divine Developers. On March 25, his two main banks in Delhi-based NCLT acknowledged a lawsuit filed by ICICI Prudential Venture alleging his Rs 2.5 crore claim. A bankruptcy court suspended Ananda Divine Developers’ board of directors while appointing Harish Taneja as interim settlement expert and taking over management. Ananda Divine Developers is he one of the ATS Group of companies.

“It is a very small amount and the related project has been completed and handed over.This will not affect other projects,” he said. In his 20-page injunction, NCLT said that the real estate company was obliged to pay his financial creditor, his ICICI Prudential Venture, his accumulated unpaid amount of Rs 2.546 billion against the proceeds of 20 says . “Consequently, by failing to pay the outstanding sums due and payable, the debtor of the company has defaulted under the terms of the Investment Agreement and defaulted under the terms of the Code. will be,” said the bank.

Meanwhile, ATS Infrastructure said in a statement that it has resolved its dispute with ICICI Prudential Venture and plans to settle soon. “We have received a copy of the order and are investigating it,” said Getamber Anand, CMD at ATS Group, adding, “We have resolved this dispute with ICICI Prudential Venture amicably and will submit a settlement shortly.” The project has been completed and handed over, according to the company.

NCLT also noted that Ananda Divine has not yet submitted any responses or written submissions regarding this matter. In a March 25 order, the NCLT said, “However, given the obligations and defaults clearly set forth in Part 4 of the application under Section 7, the Chamber is inclined to accept this application.” said.
Pursuant to Section 7 of the Insolvency and Bankruptcy Code (IBC), financial creditors can initiate bankruptcy proceedings against debtors of affected companies.

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