LDA Seeks ₹4500 Crore from Ansal API in NCLT
The Lucknow Development Authority (LDA) has filed a massive claim worth ₹4,500 crore against Ansal Properties & Infrastructure Limited (Ansal API) in the National Company Law Tribunal (NCLT). This claim, which seeks compensation for various dues, land acquisition costs, and the value of mortgaged land, is a crucial step in resolving the financial disputes between the two entities.Filed on March 11, 2025, the claim highlights the LDA’s long-standing financial interests in Ansal API’s development projects. Among the primary components of the claim, LDA is seeking ₹370 crore for land acquisition costs in the Sushant Golf City area, ₹70 crore for pending map approval dues, and the current market value of 411 acres of mortgaged land.
The LDA is also demanding the recovery of ₹432 crore in unpaid development charges, along with other outstanding liabilities.According to LDA officials, the ₹4,500 crore figure is based primarily on the value of the mortgaged land, calculated at the latest LDA circle rate, which reflects the ongoing market value of all properties sold by Ansal API. The claim was filed through Interim Resolution Professional (IRP) Navneet Gupta, who was entrusted with the legal proceedings.To support this claim, the LDA team, led by the additional secretary, travelled to Delhi for the filing process.
They submitted key documents, including land registry records, correspondence on dues, and directives prohibiting the sale of mortgaged land. These documents are intended to ensure the accuracy of the claim and provide evidence of Ansal API’s outstanding obligations.In addition to this claim, LDA has proposed the cancellation of the Ansal API township project’s license, recommending that the incomplete project be taken over by the authority for further development.
This recommendation was forwarded to the state government for review, highlighting the LDA’s readiness to step in to safeguard investor interests and continue the project’s progress.With approximately 2,800 investors involved in the matter, LDA’s efforts are aimed at securing justice for those who stand to lose out due to the stalled development. Several investors have also expressed their intention to appeal the bankruptcy decision in the National Company Law Appellate Tribunal (NCLAT), seeking resolution to their grievances.The legal battle, still unfolding, is set to have significant consequences for both LDA and Ansal API, with the outcome likely influencing the future of real estate development and investor protection in the region.
