The National Company Law Tribunal (NCLT), New Delhi Bench, has authorised the withdrawal of corporate insolvency resolution proceedings (CIRP) against ATS Heights Private Limited, the developer of the ATS Knightsbridge project, under Section 12A of the Insolvency and Bankruptcy Code (IBC).
Through its order dated March 13, the tribunal allowed an application to withdraw the insolvency proceedings and dismissed the company’s petition as withdrawn. The proceedings were originally initiated under Section 7 of the IBC by ASK Trusteeship Services Private Limited.
The insolvency application against ATS Heights Private Limited was admitted by the NCLT on April 22, 2024, which led to the commencement of CIRP and the appointment of an interim…