Latest News | NCLAT Allows ATS Group Firm to Withdraw Appeal After Settlement with Financial Creditor

New Delhi, May 9 (PTI) The NCLAT on Monday allowed ATS group firm Ananda Divine Developers to withdraw its petition against an NCLT order following the settlement of a financial dispute with ICICI Prudential Venture.

The NCLT had directed to initiate insolvency proceedings against the Noida-based ATS group firm over a plea filed by ICICI Prudential Venture, claiming a dues of Rs 25 crore. Ananda Divine Developers had challenged the order before the appellate tribunal.

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The company on Monday informed the NCLAT about its settlement with the financial creditor, following which the appellate tribunal allowed it to withdraw its petition against the NCLT order.

An Application was filed by the parties bringing on record a settlement dated April 21, 2022, before the NCLAT.

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The settlement contemplated that both the parties - Ananda Divine Developers and ICICI Prudential Venture - shall withdraw respectfully appeal at NCLAT as well as the plea filed before the National Company Law Tribunal (NCLT) by the financial creditor to initiate insolvency proceedings.

"Considering the aforesaid, we allow... take the Settlement on record and permit the appellant (Ananda Divine) to withdraw the Company Appeal... to enable the parties to approach the NCLT by filing an Application for withdrawal of Section 7 Application," said a two-member NCLAT bench.

Ananda Divine Developers is one of the companies of the Noida-based ATS group.

Earlier on March 25, the Delhi bench of the National Company Law Tribunal (NCLT) had initiated insolvency proceedings against Ananda Divine Developers over a plea filed by ICICI Prudential Venture, claiming a due of Rs 25 crore.

NCLT had also appointed an interim resolution professional to take over the management while suspending the board of Ananda Divine Developers.

This order was challenged by Ananda Divine Developers before the appellate tribunal NCLAT.

NCLAT had issued a notice to ICICI Prudential Venture and had stayed in the formation of the committee of creditors of the real estate firm.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)