Homebuyers Protest NCLT Adjournment in Identical T-Shirts, Court Abruptly Rises

A hearing before the National Company Law Tribunal (NCLT) in New Delhi on Monday saw dramatic scenes when homebuyers of the stalled Ansal Fernhill housing project protested after the Bench adjourned the matter to November 17 on a counsel's request. (Bibuti Bushan Biswas v. Ansal Property Infrastructure Limited)

Multiple homebuyers, many wearing identical T-shirts with folded hand symbols, were present at the Tribunal to press for progress in the pending case concerning the 13-year-old real estate project, originally associated with Ansal Properties & Infrastructure Ltd (APIL).

The case was listed before a coram of Member (Judicial) Ashok Kumar Bhardwaj and Member (Technical) Reena Sinha Puri. The Fernhill project is currently under the corporate insolvency resolution process (CIRP) initiated against APIL.

In connected proceedings, the NCLT on June 6 had held that land owned by Samyak Projects forms an integral part of the Fernhill development and must be treated as part of the ongoing CIRP. The Tribunal had also observed that the Resolution Professional (RP) may seek expansion of the CIRP to Samyak if required and noted that Samyak would be entitled to a fair share of any additional price linked to the land.

Despite the order, sources say Samyak allegedly cordoned off the land, prompting the RP to file an application before the Tribunal. When the matter was taken up on Monday, an adjournment was sought. As the coram began dictating its order, homebuyers interrupted the proceedings, objecting to repeated delays.

The members then rose without dictating a detailed order in open court, leaving the homebuyers and their legal representatives in a state of uncertainty. The adjournment to November 17 has further heightened the frustration among the homebuyers, who have been waiting for a resolution for over a decade.

The Ansal Fernhill project has been a long-standing issue, with numerous legal battles and delays. Homebuyers have been waiting for years to see their dreams of owning a home materialize. The current adjournment is seen as another setback in their struggle for justice and resolution.

The NCLT, established under the Insolvency and Bankruptcy Code (IBC), is tasked with resolving insolvency and bankruptcy cases in a time-bound manner. However, the Fernhill case has been a test of the tribunal's ability to manage complex and long-drawn-out disputes. The homebuyers' protest is a clear indication of their dissatisfaction with the slow pace of legal proceedings.

As the case moves forward, the homebuyers remain hopeful that the NCLT will take a more decisive and timely action to resolve their grievances. The next hearing on November 17 will be crucial in determining the future of the Ansal Fernhill project and the aspirations of the homebuyers involved.