NEW DELHI: With the National Company Law Tribunal (NCLT) initiating insolvency proceedings against Noida-based Ananda Divine Developers, an ATS Group company led by Getamber Anand, homebuyers face uncertainty over defaults by the developer. The proceedings were initiated last month after ICICI Prudential Venture made a plea to the New Delhi-based bench of the NCLT for claiming unpaid dues of around Rs 25 crore. However, the company got a minor relief with the NCLAT directing ICICI Prudential to file a rejoinder within two weeks and put a stay till the next hearing on May 11.

Reacting to the bankruptcy, ATS Infrastructure CMD Getamber Anand said: “We have received a copy of the order and we are in the middle of studying the same. However, the amount under consideration is a very small sum, and the related project is completed and handed over.” “This will have no bearing on our other projects. Meanwhile, we have mutually closed this dispute or matter with ICICI Pru and will be filing a settlement soon,” he said.