NCLT appoints IRP for ATS project on finance company's request

07 May 2024 CW Team

The National Company Law Tribunal (NCLT) has appointed an interim resolution professional (IRP) for Knightbridge, a luxury residential and commercial project developed by ATS in Sector 124. This action was taken after a financial services company alleged that the realtor had defaulted on debenture returns worth Rs 2.85 billion.

Gaurav Katiyar was appointed as the IRP, and Sunil Gaur, a former judge, was designated as the monitor for the project. Additionally, lawyer Fiza was appointed as a co-monitor.

The tribunal's order on April 22 came in response to a petition filed last year by ASK Group. The petition alleged that ATS had not returned a principal amount of Rs 2.85 billion that it had received from the developer through debentures. ASK Group requested the NCLT to initiate a corporate insolvency resolution process (CIRP) against the developer.

ASK Group also claimed in its petition that ATS had defaulted on repayment of over Rs 5 billion to another financial creditor, Piramal Capital and Housing Finance. According to the petition, ATS Heights had sought financial assistance from Piramal through three facilities - debenture subscription of Rs 2.15 billion, a term loan of Rs 2.75 billion, and an emergency credit line guarantee scheme of Rs 470.1 million. Although Piramal did not take legal action, ASK Group alleged that the developer's credit rating for July of the previous year indicated an outstanding amount of Rs 720 million for the principal term loan and Rs 470 million for the credit line guarantee scheme.

The petitioner also alleged that Piramal's statement of account revealed that ATS had defaulted on debenture returns. The statement of account also indicated Rs 30 million in overdue interest and Rs 140 million as the outstanding principal amount.

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