ATS Knightsbridge exits insolvency as NCLT allows settlement withdrawal

What happened

On 13 March 2026 the New Delhi bench of the National Company Law Tribunal (NCLT) allowed the withdrawal of the corporate insolvency process against ATS Heights Pvt Ltd, the company developing ATS Knightsbridge in Noida. The case (IB-570/ND/2023) had been filed by a debenture trustee, ASK Trusteeship Services, and admitted in April 2024. The admission had been challenged before the appellate tribunal, and the parties later settled under Section 12A of the Insolvency and Bankruptcy Code, which lets a case be withdrawn with lenders’ approval.

Project status as reported

• ATS Knightsbridge has five towers with one apartment per floor.
• Structures in all five towers are reported as complete or nearly complete.
• The developer has indicated a tentative handover in about 18-24 months, subject to regulatory and environmental conditions, including construction restrictions during GRAP pollution curbs.

What it means for buyers

Insolvency usually freezes a project: the developer loses control, and buyers become financial creditors in a process that can take years. A withdrawal returns control to the developer and its lenders, which is often faster – but it also means buyers depend on the developer’s own funding and commitment, rather than a resolution plan supervised by a tribunal.

The 18-24 month estimate came from the developer and appears in only one news report we reviewed; it is not a binding schedule.

What to check

• The project’s UP RERA page for its current completion date and any extension.
• Quarterly progress reports on the RERA portal – finishing, lifts, fire systems and services are what remain in a structurally complete tower.
• Whether the Noida Authority dues on the land have been settled; without that, OC and registry can be held up.
• Any revised payment demands, and whether escalations are permitted under your agreement.

The wider picture for stalled Noida projects

Settlements and withdrawals have become one of several routes out of insolvency for Noida projects, alongside court-supervised completion by NBCC (Amrapali, Supertech), resolution plans by new owners (Jaypee Infratech) and the UP government’s package based on the Amitabh Kant committee’s recommendations. Each route carries different risks for buyers. With a withdrawal, the key question is whether the developer has secured the money to finish, so buyers should watch construction activity on site and the progress reports filed with RERA over the next few quarters.