Lucknow: The troubles for Ansal Group deepened as the National Company Law Appellate Tribunal (NCLAT) allowed all concerned authorities, including the Lucknow Development Authority (LDA), to become parties in the ongoing insolvency case.
The move, following strong advocacy by LDA, is expected to reinforce the interests of homebuyers affected by the real estate giant’s alleged violations of the Hi-Tech Township policy.
Earlier, NCLAT declared Ansal Group bankrupt, appointing an Interim Resolution Professional (IRP). This decision left thousands of investors stranded, with their funds stuck in incomplete projects, including plots, flats, villas, and commercial properties. Several buyers, who booked plots as early as 2009, are yet to…
