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.

Infrastructure Urban

14 Oct 2025

DRI Introduces Advanced Fresh Air Solutions for Large Buildings

DRI has unveiled its latest solutions for indoor air quality (IAQ) and energy-efficient ventilation in large enclosed buildings: the Treated Fresh Air Handling Units (TFA) and Dedicated Outdoor Air Systems (DOAS). The TFA units integrate EcoFresh Molecular Sieve Coated Heat Wheels to deliver optimal IAQ while promoting energy savings. The modular design allows additional functions such as cooling, heating, humidification, high-efficiency filtration, mixing, and sound attenuation. Maintenance is minimal, with standard filters and fan assemblies designed for reliability and ease of service. TFA..

Dia Mirza-backed Without® Launches FOAK Recycling Plant in Pune

Without®, an impact-first deep-tech material science enterprise, has inaugurated its first-of-a-kind (FOAK) recycling demonstration plant in Pune. The 1,030 sq. m facility can process up to 5 tons per month of “unrecyclable” plastic waste, offering end-to-end operations from material intake and separation to chemical transformation, purification, product manufacturing, and quality testing. The demonstration plant serves as a precursor to a commercial facility planned for next year. The launch follows the successful closure of a $1.9 million (approx. Rs 16.8 crore) seed funding round led ..

Capital India Home Loans Rebrands as People Home Finance

"Capital India Home Loans, a wholly owned subsidiary of Weaver Services, has announced its rebranding to People Home Finance Limited, underscoring its vision to build an inclusive, technology-led housing finance company serving India’s vast informal and self-employed segment. The rebranding follows the company’s $170 million investment round announced on 19 August 2025, led by Lightspeed, Premji Invest, and Gaja Capital. The new identity marks the next phase of expansion across Tier 2 and Tier 3 cities, with continued investments in branch infrastructure, people, proprietary technology, a..