NCLT Approves Withdrawal of Insolvency Process Against ATS Le Grandiose

ATS Group’s luxury housing project Le Grandiose in Sector 150, Noida, is preparing to move out of insolvency proceedings after the National Company Law Tribunal approved the withdrawal of the corporate insolvency resolution process against developer Nobility Estates Pvt Ltd.

The order, passed by the Principal Bench of the NCLT in New Delhi under Section 12A of the Insolvency and Bankruptcy Code (IBC), clears the way for the restoration of the company’s management and offers relief to hundreds of homebuyers awaiting progress on the premium residential project.

The tribunal’s approval came after the Committee of Creditors backed the settlement proposal with a 92.52 per cent voting share, comfortably above the threshold required under the IBC. The order also noted that 636 homebuyers voted in favour of the proposal, signalling broad support for the resolution plan.

Under the terms recorded by the tribunal, the erstwhile management of Nobility Estates has committed to securing revalidation of sanctioned building maps and renewal of the project’s RERA registration within 120 days. The company has also undertaken to complete Phase II construction within the next 48 months.

The insolvency proceedings had originated from a petition filed by ASK Property Investment Advisors Pvt Ltd under Section 7 of the IBC. According to the tribunal order, the ex-management proposed a settlement amount of Rs 108 crore against liabilities of Rs 775 crore owed to ASK Property Investment Advisors. Certain dues of other lenders are expected to be resolved through allocation of units in Phase II of the development.

With the withdrawal of the CIRP, the NCLT directed that management and operational control of the company be restored to its board of directors. All pending applications connected to the insolvency proceedings were also disposed of.

The development marks another step in ATS Group’s broader effort to stabilise finances and resolve debt-linked disputes across projects. In recent months, the group has announced a series of repayments and settlements involving lenders and investment funds.

Earlier, insolvency proceedings against ATS Heights Pvt Ltd, developer of the ATS Knightsbridge project, were also withdrawn following tribunal approval. Separately, ATS HomeKraft said it repaid Rs 1,250 crore to HDFC Capital Affordable Real Estate Fund-2 ahead of schedule through internal cash flows. The group also announced prepayment of Rs 190 crore to SWAMIH Investment Fund I for the ATS Marigold project.

The latest order is expected to revive momentum at Le Grandiose, one of the prominent luxury residential projects in Noida’s Sector 150, a region that has increasingly emerged as a hub for premium housing developments.