NCLT Appoints IRP for ATS Project

10 May 2024 CW Team

The National Company Law Tribunal (NCLT) has appointed an Interim Resolution Professional (IRP) for an ATS project following a plea by a finance company. This decision comes as a response to the finance company's application seeking initiation of insolvency proceedings against the project developer, ATS Infrastructure Limited.

The appointment of an IRP marks a significant development in the ongoing legal proceedings concerning the ATS project. The NCLT's decision aims to facilitate the resolution of financial issues and protect the interests of all stakeholders involved in the project.

The move underscores the challenges faced by the real estate sector, particularly amid the economic uncertainties exacerbated by the COVID-19 pandemic. With financial stress mounting on developers, cases of insolvency and debt restructuring have become increasingly common in the industry.

For ATS Infrastructure Limited, the appointment of an IRP signals a critical juncture in its efforts to address financial challenges and navigate the complexities of the legal process. The company may now work closely with the IRP to explore potential solutions and devise a resolution plan acceptable to all parties involved.

The decision by the NCLT reflects the tribunal's commitment to upholding transparency and accountability in corporate governance. By appointing an IRP, the NCLT aims to facilitate a fair and equitable resolution process that ensures the interests of creditors, homebuyers, and other stakeholders are duly protected.

Overall, the appointment of an IRP for the ATS project underscores the ongoing efforts to address financial distress in the real estate sector and promote stability and confidence in the market.

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..