NEW DELHI: The National Company Law Tribunal (NCLT) has allowed the withdrawal of insolvency proceedings against ATS Knightsbridge, a residential project in Noida, following a settlement with lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC).
The insolvency case, initiated by ASK Trusteeship Services under section 7 of the IBC in 2023, was dismissed as withdrawn by the NCLT’s New Delhi bench on March 13, 2026. The Corporate Insolvency Resolution Process (CIRP), which had commenced in April 2024, has now been formally closed.
The project, being developed by ATS Heights, is at an advanced stage of construction, with structures of all five towers either completed or nearing completion. The developer has indicated a tentative handover timeline of 18-24 months, subject to regulatory approvals and environmental conditions, including restrictions under the Graded Response Action Plan (GRAP).
The matter had earlier seen intervention from the National Company Law Appellate Tribunal (NCLAT), which in May 2024 stayed further insolvency proceedings while allowing construction to continue under supervision to safeguard homebuyers’ interests.
