The Delhi High Court ordered Ambience Private Limited to deposit over Rs 638 crores with the court within four weeks after Indiabulls Housing Finance alleged that Ambience failed to execute sale deeds for 273 housing units despite receiving payment under their Agreements to Sell (ATS). The court dismissed Ambience’s claims that the ATS was not for property sales but a loan security arrangement and restrained Ambience from creating third-party rights until the deposit is made. Indiabulls is entitled to seek a refund if the units are sold, ensuring its financial interests are protected.
