New Delhi, March 22 -- The National Company Law Tribunal (NCLT), New Delhi Bench, has permitted the withdrawal of corporate insolvency resolution proceedings (CIRP) initiated against ATS Heights Private Limited, the developer of the ATS Knightsbridge project, in exercise of its powers under Section 12A of the Insolvency and Bankruptcy Code (IBC).

The tribunal, through its order dated March 13, allowed an application seeking withdrawal of the insolvency proceedings and dismissed the company's petition as withdrawn. The proceedings had originally been initiated under Section 7 of the IBC by ASK Trusteeship Services Private Limited.

The insolvency application against ATS Heights Private Limited was admitted by the NCLT on April 22, 2024, l...