ATS Knightsbridge Insolvency Exit & Project Revival Key Highlights
- CIRP Withdrawal Approved: NCLT allows withdrawal under Section 12A, closing insolvency proceedings
- Project Back on Track: ATS Knightsbridge set to resume construction and delivery plans
- Advanced Construction Stage: All five towers completed or nearing completion
- Handover Timeline: Expected delivery within 18–24 months, subject to approvals
- Financial Strength: Significant repayments and strong sales traction across key project
Real estate developer ATS Group’s premium Noida project, ATS Knightsbridge, has been withdrawn from the corporate insolvency resolution process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code.
The insolvency proceedings in the matter (IB-570/ND/2023), initiated under Section 7 of the Insolvency and Bankruptcy Code by ASK Trusteeship Services Private Limited against ATS Heights Private Limited, were dismissed as withdrawn by the National Company Law Tribunal (NCLT), New Delhi Bench, through its order dated March 13, 2026, pursuant to an application filed in this regard.
Commenting on the development, Getamber Anand, Chairman, ATS Group, said, “The withdrawal of ATS Knightsbridge from CIRP pursuant to the Section 12A settlement marks an important new chapter for the project and for ATS Group. Our focus now is on elevating the product experience, and positioning Knightsbridge as a truly exceptional luxury residence in NCR.”
The development marks the closure of insolvency proceedings for the project and enables the company to proceed with construction and delivery plans.
ATS Group said the project is at an advanced stage of construction, with structures of all five towers either completed or nearing completion. The company has indicated a tentative handover timeline of 18–24 months, subject to regulatory and environmental conditions, including GRAP-related restrictions.
ATS Knightsbridge is designed as a low-density residential development with one apartment per floor and uniform unit sizes across towers.
In the recent past, the group has reported financial and operational milestones, including repayment of ₹1,250 crore to HDFC Capital’s HCARE-2 fund through internal accruals, and prepayment of ₹190 crore to SWAMIH Investment Fund I. The company has also reported sales traction across select projects, including ₹825 crore from Sanctuary 105 on Dwarka Expressway and over ₹1,200 crore from the first phase of Province D Olympia on Yamuna Expressway.
With the insolvency process now resolved, ATS Knightsbridge is expected to move forward with a focus on execution and delivery in the NCR residential market.
Background:
The insolvency application in respect of ATS Knightsbridge (ATS Heights Private Limited) was initiated under Section 7 of the Insolvency and Bankruptcy Code by ASK Trusteeship Services Private Limited in 2023 and was admitted by the National Company Law Tribunal (NCLT), New Delhi Bench, on April 22, 2024, following which the corporate insolvency resolution process (CIRP) commenced and an interim resolution professional was appointed.
Subsequently, the admission order was challenged before the National Company Law Appellate Tribunal (NCLAT), which, in May 2024, stayed further insolvency proceedings while allowing construction activities to continue under supervision, in order to safeguard the interests of homebuyers.
An application was thereafter filed under Section 12A of the Code seeking withdrawal of the insolvency proceedings. The NCLT, vide its order dated March 13, 2026, allowed the withdrawal application and dismissed the matter as withdrawn, as per tribunal records.
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