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.
Indiabulls Housing Finance has renewed its personal insolvency plea against Zee’s Subhash Chandra over guarantees for Vivek Infracon. The National Company Law Tribunal will hear the case on March 4. Following Supreme Court validation, companies can revive cases against personal guarantors, enabling IBHF to pursue the plea. Legal complexities have surrounded this case, with the latest development allowing for potential asset attachment for loan recovery.
