The National Company Law Tribunal (NCLT) has allowed the withdrawal of corporate insolvency resolution proceedings against ATS Heights Private Limited, the developer of the ATS Knightsbridge project.
The tribunal accepted an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the proceedings, effectively terminating the insolvency process.
With the NCLT's order, the developer regains control of the project, enabling it to proceed with construction and delivery timelines in accordance with applicable regulatory conditions.
The project is reported to be at an advanced stage, with structural work across towers either completed or nearing completion.
A tentative handover timeline of 18-24 months has been indicated, subject to environmental and regulatory factors.
The NCLT's order demonstrates the statutory framework under Section 12A of the IBC, which allows withdrawal of insolvency proceedings post-admission, subject to approval, where parties reach a settlement.
