Ansal Properties & Infrastructure Limited conducted its 45th Committee of Creditors (CoC) meeting for the Fernhill Project on December 15, 2025, addressing critical aspects of the ongoing Corporate Insolvency Resolution Process (CIRP). The virtual meeting was chaired by Resolution Professional Jalesh Kumar Grover and witnessed significant participation from stakeholders.

Meeting Participation and Structure

The meeting commenced at 6:00 PM through virtual mode with substantial stakeholder participation. Approximately 118 homebuyers joined the CoC meeting virtually, though some participants did not provide complete identification details despite multiple requests from the Resolution Professional. Key attendees included:

CIRP Extension and Timeline

A significant development emerged regarding the CIRP period extension. Following the NCLT's decision to remand the resolution plan back to the CoC for reconsideration, the Resolution Professional filed an extension application bearing I.A. No. 5871 of 2025. The NCLT approved this application on December 2, 2025, extending the CIRP period by 60 days with effect from November 17, 2025.

Revised Resolution Plan Discussion

The meeting extensively discussed the revised proposal submitted by M/s Krish Infrastructure Private Limited. Following the NCLT's observations that the Successful Resolution Applicant (SRA) should address belated claims that appear genuine and are duly reflected in the Corporate Debtor's books, the Resolution Professional requested a revised proposal. The revised resolution plan was received via email on December 12, 2025, and subsequently shared with the Authorized Representative and homebuyers who executed confidentiality undertakings.

A dedicated meeting with homebuyers was held on December 14, 2025, where various observations and queries were raised. Representatives from M/s Krish Infrastructure Private Limited, including Mr. Sunil Aggrawal and Mr. Rajat Singhal, participated in the discussion to address homebuyer concerns.

Financial Approvals and Expenses

The committee addressed the ratification of expenses incurred during the CIRP period from February 26, 2025, to November 30, 2025. The total expenses requiring approval amounted to ₹17.17 lakhs, covering various operational and professional costs.

Additionally, the committee considered ratifying fees payable to Ms. Aakriti Sood, the Authorized Representative of Financial Creditors, amounting to ₹14,160 for conducting an additional meeting with homebuyers post the 43rd CoC meeting.

Committee Reconstitution

Following the NCLT order dated November 17, 2025, the Resolution Professional reconstituted the Committee of Creditors on December 4, 2025. The revised constitution incorporated 48 additional claims received after November 11, 2023 (the date of RFRP issuance) until November 17, 2025, after proper verification.

Ongoing Litigation Status

The Resolution Professional provided comprehensive updates on various ongoing litigations before the NCLT and other forums. Most matters are scheduled for hearing on December 19, 2025, following the NCLT's directive that the main issue regarding the remanded resolution plan must be decided first. Key pending applications include matters against Samyak Projects Private Limited, Piyare Lal Hari Singh Builders, and various homebuyer-related applications.

Homebuyer Queries and Clarifications

During the meeting, homebuyers raised several important queries regarding the revised resolution plan, including concerns about zero-escalation proposals, legal transfer procedures for inherited units, treatment of EDC/IDC amounts, and payment summaries for different towers. The Resolution Professional assured that detailed responses and legal observations would be shared upon receipt of the legal vetting report, expected within 2-3 days.

Ansal Properties & Infrastructure Limited has officially filed its unaudited standalone financial results for Q1 FY26 with the stock exchanges, demonstrating a remarkable financial turnaround despite operating under Corporate Insolvency Resolution Process (CIRP). The company reported a net profit of ₹13.21 crores, marking a dramatic improvement from the substantial loss of ₹1,433.91 crores recorded in the corresponding quarter of the previous fiscal year.

Regulatory Filing and Compliance

The company submitted its financial results to both NSE and BSE through an official communication dated December 15, 2025. Following the initial filing, the company published newspaper advertisements on December 17, 2025, in compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The publication appeared in 'Financial Express' (English) and 'Jansatta' (Hindi/Regional language) newspapers.

Financial Performance Overview

The company's Q1 FY26 results showed mixed performance with revenue declining significantly but achieving profitability through substantial cost reductions. Revenue from operations dropped to ₹12.77 crores from ₹156.07 crores in Q1 FY25, while other income increased to ₹11.05 crores from ₹7.49 crores year-on-year.

Corporate Insolvency Resolution Process Status

The Corporate Insolvency Resolution Process for Ansal Properties & Infrastructure Limited commenced on February 25, 2025, following an order from the National Company Law Tribunal (NCLT), New Delhi Bench. Navneet Kumar Gupta was initially appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional by the Committee of Creditors in their meeting held on April 11, 2025.

The financial results were approved by Shri Pranav Ansal (Suspended Chairman and Whole Time Director) and taken on record by the Resolution Professional. The results are accompanied by a Limited Review Report from statutory auditors MRKS & Associates, Chartered Accountants.

Project-Specific CIRP Proceedings

Two separate project-specific CIRP proceedings are underway under Part-II of IBC 2016:

Auditor's Qualified Opinion and Key Concerns

The statutory auditors issued a qualified review report noting that the company has not recognized interest of ₹7.33 crores for the quarter on loans classified as non-performing assets. The auditors stated that if this interest had been provided, the total comprehensive profit would have been ₹6.04 crores instead of the reported ₹13.36 crores.

The company continues to face significant financial challenges with accumulated losses of ₹3,141.49 crores as of June 30, 2025. Current liabilities exceed current assets by ₹2,234.56 crores, indicating severe liquidity constraints.

Consolidated Results Limitation

The company was unable to provide consolidated financial results due to difficulties in obtaining financial statements and relevant data from subsidiaries and other entities. The Resolution Professional noted that these entities are separate legal entities, making data collection challenging under the current CIRP framework.

The financial results reflect the company's position during the initial phase of the insolvency resolution process, with the Resolution Professional emphasizing that these results are prepared on a best-effort basis for compliance purposes and may undergo significant changes as the CIRP process progresses.