In their petition, the buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyers agreement.
“The applicants have succeeded in proving their debt and default on the part of the respondent in the instant case. Hence in the given facts and circumstances, the present application being complete and the default being committed above the threshold limit, the present application is admitted,” it said.
It also imposed prohibitions against any recovery under suits, transfer of property, disposal of assets of the real estate firm and others under the Insolvency & Bankruptcy Code.
According to the buyers, Ansal API had promised to hand over the physical possession of the said units booked within 48 months, by July 2017 for the majority of the applicants.