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• Ex-management is not able to get the resolution from Noida Authority even in actual they are only IVR prime along with Supertech as a partner
• Noida authority requires 25% dues payment to take any further step while dues amount is not clear yet
• Gulshan needs Noida authority approval to start the construnction and do any payment
• Within this model, a significant roadblock exists between Gulshan and Ajnara. Gulshan has no access to or knowledge of Ajnara’s financial records, while Ajnara holds full responsibility for obtaining the necessary approvals—a responsibility they have failed to fulfill since 2012. Furthermore, both parties operate independently and are not accountable for each other’s actions or decisions.
• So seeking court approval is mandatory to over come from this situtation

Note for First-Time Visitors: To follow the sequence of events accurately, please start reading from the bottom and move upward. Entries are listed in descending order, meaning the most recent updates appear at the top.

1. Got the mail from Gulshan to arrange/infuse 125 cr as interim finance. Gulshan also says clearly now that it will arrange for 25% land dues payment required for getting Noida Authority approval and obtaining map revalidation. Previous communication of Gulshan said that it would infuse interim finance only after all approvals including RERA approval and NCLAT approval. This is a positive change of stance from Gulshan. However homebuyers association needs to discuss on the clauses related to the termsheet.   
2. 14th June 2025 a Noida authority board meeting was concluded. In the meeting Noida Authority says it is "primary facie" agreeable to identify Ajnara (or any other developer ) as co-developer for our project plot GH-01 Sec 118 Noida and extend the legacy scheme benefits to our project, if the developer pays 25% land dues for project land.
   However there was no clarity given on the computation 25% after extending legacy scheme benefits. An application has already been filed by the homebuyers association for the computation of land dues.   
3. In July 2025 Another group of buyers(Ex-management supporter ) has filed an IA to remove the IRP. This is an intentional distraction and delay tactic deployed by Ajnara.   
4. Meanwhile Ajnara Ambrosia Social Welfare Society filed various IA to seeking court direction for forensic audit, Noida authority issue resolution and further direction for construction   
5. Other group of buyers proposed their own IRP instead of highlighting the main issue (fund and NA) in the court which could delay in proceeding in the court as on majority of hearing we are getting only dates so can't effort more delay   
6. The Interim Resolution Professional (IRP) has filed an Interlocutory Application (IA) in court seeking to implead IVR Prime and the Noida Authority into the ongoing case.
   IVR Prime Developers Avadi, a shell entity of Ajnara, is the original allottee of the project land. This land was subsequently subleased to Ajnara and Supertech without executing a legally valid sublease deed. The Noida Authority was not informed of this transaction, and no application for land bifurcation was submitted, nor was the requisite stamp duty paid.
   As a result, Ajnara does not hold legal title to the land in question. Despite this, financial institutions extended bank loans to Ajnara India Ltd. without conducting proper due diligence—raising serious concerns about a potential nexus between the builder and the banks.   
7. LnT file an IA in court to remove the IRP from Ajnara India Ltd. and proposed his own IRP   
8. LnT file an IA in court to seperate the Phase 4 for ambrosia which was opposed by IRP and HB Lawyer (Lahoty ji) in the NCLAT court
9. Recognizing NA dues as a major roadblock, HB pushed all stakeholders to prioritize its resolution. Meetings were held with NA in Feb and Apr 2025 to pursue actions and the proposal share by IRP on following points
   • Recognize “Ajnara India Ltd” as co-developer for the 50% of land portion for the located at GH-01, Sector-118, Noida, where the project “Ajnara Ambrosia” is being developed, and
   • Approve the in-principal approval for the division of the total land dues which are related to the 50% of the said plot where the relevant project “Ajnara Ambrosia”
   • Restructure the pending land dues for relevant land dues equivalent as per the scheme under Legacy Policy dtd. 21.12.2023
   • Extend the benefits as stipulated in the scheme Legacy Policy dtd. 21.12.2023
   • Approve the renewal of the permit number and sanction plans for the project “Ajnara Ambrosia”
      Download
10. Gulshan responded with an email outlining six prerequisites. Among them, the NA pre-condition emerged as the primary roadblock. Consequently, the HB representative prioritized resolving this issue through majority consensus, recognizing that the remaining conditions were internal and could be addressed with workable solutions—provided Gulshan is willing to contribute additional funding if required in the future.    Download
11. On 5-Jan-25, HB representative sent a mail to all stake holders, urging prioritization of construction while proposing that delay penalty and pre-EMI concerns be addressed on a case-by-case basis later at the time of possession   Download
12. In Dec-24, ex-management confirmed Gulshan as the preferred partner, following which we reiterated all pending points. Around the same time, another group was mobilized to support the builder's position   
13. Despite multiple meetings with ex-management during Sep–Oct, they failed to present a realistic cashflow payment plan; the versions they did share were proven by HB to be un-viable.
    Plan shared by Ajnara heavily based on receivable from buyers due to which practically it was not possible Ideal Project Financial, Ajnara Cashflow of 24 months   
14. On 22-Aug-24, Mr. Lahoty highlighted HB’s concerns in court   
15. 25-Jul, 24, Court asked for project wise hearing to get a final resolution and IRP and LnT part was heard   
16. 30-May, 24 IRP shared a mail of NA with notice of 659.02 cr for the complete IVR land    Download
17. On 9th Apr, 24 IRP was done with combined meeting however many HB points were not highlighted   
18. On 23-Mar-24, IRP convened a meeting for the Ambrosia project, attended by NA, LnT, and all HB representatives. While Gulshan was generally acceptable to all parties, we reiterated our demand for a realistic cashflow statement along with realistic delay penalty/pre-emi as 24-Feb offered was not acceptable   Gulshan Term Sheet and MOM
19. On 29-Feb, 24 Court has directed to IRP for project wise resolution   
20. in feb, 2024, we received a settlement proposal along with Gulshan Proposal from ex-management that lacked cashflow details. It sought to bind us to a delay penalty of ₹5/-sqft for up to 18 months or actual whichever is less, along with a ₹200/-sqft subvention reversal as full and final. However, the absence of a detailed cashflow plan rendered the proposal speculative and unsupported, relying entirely on assumptions without verifiable proof    Download
21. In August 2023, Ajnara filed an IA proposing ₹200 Cr for Ambrosia and ₹300 Cr for Panorama, supported by lender discussions and a completion roadmap. However, detailed stakeholder review revealed inflated cash flow assumptions and lack of binding commitments. Critically, L&T Finance’s priority charge on the unsold inventory remained intact, with no formal consent to restructure, rendering the funding framework legally unviable.    Download
22. Ajnara filed an IA in court to seek an permission to sale unsold units which were pleased to L&T/Arcil    Download
23. Ajnara raised request to Arcil and L&T for NOC for in-principal approval for raising the interim funding throw Swamih fund for Ambrosia and Panorama Project (Page 9)    Download
24. This period marked the commencement of construction under TnT. Around March to May 2023, Ajnara’s management issued an external demand retrospectively. In reality, this demand had originally been recorded in advance in their books. For most buyers, it was the first time they had received such a demand, prompting them to raise the concern with the IRP.
    The IRP assured that no delay penalty would be imposed at the time of possession, provided this was indeed the first demand raised to the buyer. Based on this assurance, and in the interest of uninterrupted construction progress, the majority of buyers proceeded to clear their dues as per the terms outlined in the Builder Buyer Agreement (BBA).   Download
25. In Jan, 2023 Got a IA from Ajnara where he assured that he is about to close the deal of around 200 cr with some investor and also he will put 15 cr immediately in the project to kick-off the construction with assurance to deliver it within 6-9 months    Download
26. L&T filed an IA from which we came to know that RERA rule has not been followed in the project and also some unauthorised transaction also happned in the project. Also we came to know that L&T has disbused the loan in 2017 and 2021, while in 2021 there was no construction in the project L&T IA Part 1, L&T IA Part 2, L&T IA Part 3    download
27. In Oct, 2022. Ex-management filed an IA in NCLAT and assured to resolved the NA issue and completed the project within 6 months along with 3 month grace period from their own resources
    As per IA filed, L&T was ready to pay 50 cr. for Noida authority. Download
    NCLT petitioner welcome this approach as construction was the priority for them. Case #Company Appeal (AT) (Insolvency) No. 1243 of 2022    Download
28. In the sep-2022, Ajnara India Ltd was insolvent and CIRP process was started in all the projects operated by company    Download
29. In the starting of 2022, Ajnara started RERA Section-8 activity with the help of a group of buyers.
    While the NCLT Petitioner offered Ajnara management to complete the project under reverse insolvency as it is monitored by IRP and the progress report shared with court in a timely manner   
30. In 2021, Buyers meet with Ajnara senior management and asked to resume the construction due to failing of this filed case in NCLT court with case # (IB)-194(ND)/2021 (After holding various meeting with multiple lawfirm and having an internal discussion among legal petitioner within the closed group)    Download
31. During 2019–2020, the builder offered possession of Towers H and F under a fit-out arrangement, despite the absence of basic amenities. This move raised serious concerns among buyers, who began actively seeking meetings with the builder to understand the status and future of the remaining towers. Unfortunately, no representatives from the builder's side responded or provided any meaningful project updates during that period. Some of buyers started to get order from RERA which was not honoured by the builder
    Several homebuyers obtained favorable orders from RERA during the course of the dispute. However, these directives were not honored by the builder, further deepening the trust deficit and delaying resolution for affected residents. The lack of compliance with regulatory mandates became a critical concern, prompting buyers to seek alternative legal remedies and collective representation.  
32. In 2018, Despite holding several meetings and sending numerous emails to urge the resumption of construction, buyers found the progress to be unsatisfactory.
    Furthermore, starting from July 2018, Ajnara started to ceased payment of PRE-EMIs for subvention buyers and in 2019 it was almost on hold for all the subvention buyers.    Download
33. From 2017, buyers had seen very less labour and slow progress due to which hold multiple meeting with builder and resume the construction with full pace and deliver it asap while all the effort was in ruin
    While this was the time when L&T starts funding for the project.    Download
34. By 2016, structure work was completed and brick work demand was raised for all the under construction 10 towers(A, B, C, D, E, F, G, H, J, K).    Download
35. The project was soft-launched in 2012 at the plot no GH-01, Sector 118, Noida by Ajnara India Ltd. (with name Ajnara Ambrosia) and by Supertech Ltd (with name Supertech Romano) with 50% partnership while the sale deed and registry was executed in 2013 with the name of M/S IVR Prime Developers(Avadi) Pvt. Ltd. Officially it was launched in 2014 without noticing and informing to Noida Authority (NA) and all the approval were obtained in the name of M/S IVR Prime Developers(Avadi) Pvt. Ltd.    Download