NCLT directs to initiate insolvency proceedings against realty firm Ajnara

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Ajnara Ltd and appointed an interim resolution professional for the NCR-based real estate developer.

A two-member New Delhi-based bench held the insolvency petition filed on behalf of 113 allottees of Ajnara Ambrosia as maintainable and as per the builder-buyer agreement, it was bound to give possession within three years of booking.

"The corporate debtor has defaulted in handing over the units to the respective home buyers/allottees as per the terms of the builder-buyers agreement," said NCLT.

The NCLT bench said its a "fit case" for admission of insolvency petition against Ajnara.

"In the given facts and circumstances, the present Application being complete and the applicants/Financial Creditors having established the default on the part of the Corporate debtor in payment of the financial debt being committed above the threshold limit, the present Application is admitted," it said.

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