NCLT dismisses insolvency proceedings against ATS Heights, clearing path for ATS Knightsbridge completion

The National Company Law Tribunal (NCLT) New Delhi Bench has formally dismissed the insolvency proceedings against ATS Heights Private Limited, a move that paves the way for the resumption and delivery of its premium residential project, ATS Knightsbridge, in Noida. The order, delivered on March 13, 2026, permitted the withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC).

Background and Settlement

The insolvency plea was originally filed by ASK Trusteeship Services Private Limited under Section 7 of the IBC. The case was admitted on April 22, 2024, but the admission was subsequently challenged before the National Company Law Appellate Tribunal (NCLAT). In May 2024, the NCLAT stayed further insolvency proceedings while allowing construction to continue under supervision to protect the interests of homebuyers.

The final dismissal by the NCLT Bench, comprising Shri Ashok Kumar Bhardwaj (Judicial Member) and Ms. Reena Sinha Puri (Technical Member), followed specific directives from the NCLAT issued on May 9, 2024, and March 9, 2026. As part of the closure, the Tribunal directed the Corporate Debtor and its promoters to ensure that the professional fees of the appointed Monitor and Co-Monitor are settled in full.

Project Status and Group Outlook

With the legal hurdle cleared, ATS Group Chairman Getamber Anand stated that the focus has shifted to positioning Knightsbridge as a premier luxury residence in the National Capital Region (NCR). The project is currently at an advanced stage, with the structures of all five towers either finished or nearing completion. The company has indicated a tentative handover timeline of 18–24 months, subject to regulatory and environmental conditions such as GRAP-related construction restrictions.

The resolution comes amid a broader improvement in the group’s financial metrics:

• Debt Repayment: ATS reported repaying ₹1,250 crore to HDFC Capital’s HCARE-2 fund through internal accruals and prepaying ₹190 crore to the SWAMIH Investment Fund I.
• Sales Traction: The group has seen significant momentum, including ₹825 crore from its Sanctuary 105 project on the Dwarka Expressway and over ₹1,200 crore from the first phase of Province D Olympia on the Yamuna Expressway.

ATS Knightsbridge is designed as a low-density luxury development featuring one apartment per floor with uniform unit sizes across its towers. This NCLT order effectively closes the chapter on the insolvency proceedings, allowing the developer to move ahead with its construction and delivery schedules.

Also See: ATS HomeKraft repays ₹1,250 crore to HDFC Capital Fund ahead of schedule