New Delhi, May 14 -- The National Company Law Tribunal (NCLT) has closed the corporate insolvency resolution process (CIRP) against Nobility Estates Private Limited, the developer of ATS Group's "Le Grandiose" housing project in Noida, after approving a settlement reached between lenders and the company's former management.

The order was recently made by the NCLT Principal Bench comprising Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi. The tribunal allowed an application filed under Section 12A of the Insolvency and Bankruptcy Code seeking withdrawal of the insolvency proceedings initiated in November 2023.

The tribunal recorded that the Committee of Creditors (CoC) approved the withdrawal proposal w...