The National Company Law Tribunal (NCLT) has closed the corporate insolvency resolution process (CIRP) against Nobility Estates Private Limited, the developer of the ATS Group’s ‘Le Grandiose’ housing project in Noida, following approval of a settlement between lenders and the company’s former management.
The decision was issued by the NCLT Principal Bench, consisting of Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi. The tribunal accepted an application under Section 12A of the Insolvency and Bankruptcy Code seeking withdrawal of insolvency proceedings that began in November 2023.
The tribunal noted that the Committee of Creditors (CoC) approved the withdrawal proposal with a 92.52 per cent…