LUCKNOW, Sept. 16 -- The Uttar Pradesh Cabinet on Tuesday formally approved the takeover of the long-delayed Ansal API high-tech township in Lucknow by the Lucknow Development Authority (LDA), paving the way for the stalled project to be revived and providing a possible resolution to the grievances of nearly 5,000 homebuyers.

The Cabinet approved the takeover of the township developed by M/s Ansal Properties and Infrastructure Ltd (APIL) under the High-Tech Township Policy through a licence granted by the LDA. LDA vice-chairman Prathamesh Kumar said the authority would now prioritise completing the unfinished township and place the cabinet decision before the National Company Law Tribunal (NCLT).

The preliminary maximum liability has be...