Ansal Properties and Infrastructure Limited has filed the minutes of its 49th Committee of Creditors (CoC) meeting for the Fernhill Project, conducted on February 25, 2026, under the Corporate Insolvency Resolution Process (CIRP). The meeting was chaired by Resolution Professional Jalesh Kumar Grover and attended by the Authorized Representative of Home Buyers.

Meeting Composition and Attendance

The meeting was conducted through virtual mode at 12:30 PM with the following key participants:

The meeting achieved the required quorum with Ms. Aakriti Sood representing 99.96% voting rights attending the proceedings. All suspended board directors remained absent from the meeting despite due service of notices.

Previous Meeting Ratifications

The committee approved the minutes of the 48th CoC meeting held on January 27, 2026, and took note of e-voting results on key agenda items. Two significant resolutions from the previous meeting received unanimous approval:

Site Manager Appointment: The committee ratified the appointment of Mr. Chimman Singh as Site Manager at ₹60,000 per month, along with additional expenses of ₹21,000 for accommodation charges.

CIRP Expenses: The committee approved expenses totaling ₹99,572 incurred during the CIRP period from December 1, 2025, to January 15, 2026, covering e-voting, security, and miscellaneous operational costs.

Litigation Status Update

The Resolution Professional provided comprehensive updates on 16 ongoing litigation matters, all scheduled for hearing on March 2, 2026. The Hon'ble NCLT has made it clear that no further adjournments will be entertained on the next hearing date.

The Resolution Professional noted that during the March 2 hearing, counsel will request the bench to hear the Resolution Plan to initiate working processes.

Corporate Governance Updates

The meeting addressed several governance matters including a resignation notification from Mr. Binay Kumar Singh, who served as Independent Non-Executive Director. The director had submitted Form DIR-11 in March 2025, though the corresponding statutory form remains unfiled by the company.

An email dated February 25, 2026, was received from company officials requesting attendance at the CoC meeting, but the Resolution Professional clarified that only directors are permitted to attend such meetings, not company officials.

NCLT Observations

During a recent hearing on February 25, 2026, the Hon'ble NCLT questioned the practice of inviting homebuyers as observers to CoC meetings when an Authorized Representative is already present. The bench directed the Resolution Professional to file an affidavit explaining the grounds for such invitations.

The Resolution Professional indicated that homebuyers attend only as observers since the matter primarily concerns them, and separate meetings for homebuyers are conducted by the Authorized Representative.

Project Background

The Fernhill Project, situated in District Gurgaon, Haryana, entered CIRP following the Hon'ble NCLAT order dated January 13, 2023, which confined the Section 7 application specifically to this project. The current Resolution Professional, Jalesh Kumar Grover, was appointed on January 10, 2024, and manages the project under CIRP proceedings.

The meeting concluded at 1:30 PM with a vote of thanks from the Chairman to all participants for their effective participation in the proceedings.

Ansal Properties & Infrastructure Limited has issued a postal ballot notice dated February 17, 2026, seeking shareholder approval for the appointment of six directors to reconstitute its Board of Directors. The notice was dispatched to shareholders on February 18, 2026, following the resignation of all previous directors.

Board Reconstitution Details

The company proposes comprehensive board restructuring with appointments across multiple director categories. The appointments follow compliance requirements under Sections 167(3) and 168(3) of the Companies Act, 2013, after all existing directors resigned or vacated their offices.

Director Appointments and Qualifications

Sanjay Jain brings extensive legal expertise as an Advocate practicing before the Supreme Court of India and Delhi High Court. He holds an LL.M. in International Law from the University of Bristol and an MBA in International Business, with specialization in arbitration, constitutional law, and corporate banking laws.

Roshan Lal Kamboj contributes over 30 years of manufacturing industry experience since 1992. He currently serves as a director on MT Educare Ltd (under CIRP) and previously held positions with Zee Learn Limited.

Ashok Kumar Verma offers 18 years of accounts and finance experience, primarily in real estate. His expertise covers financial accounting, taxation, regulatory compliance, and working with auditors and financial institutions.

Vipul Garg provides 17 years of experience in strategic planning and corporate governance across real estate, healthcare, retail, and food industries. He currently serves as director on six private limited entities.

Kanta Devi brings four decades of experience in education, women empowerment, and public service. She has served as National President of Mission Ekta Party since January 2015.

Siddharth Goenka contributes 12 years of textile manufacturing and trading experience, with expertise in supply chain management, quality control, and market analysis.

E-Voting Process and Timeline

The company has engaged MUFG Intime India Private Limited (formerly Link Intime India Private Limited) as the Registrar for facilitating the e-voting process. Himani Aneja & Associates has been appointed as Scrutinizer for conducting the postal ballot process.

Corporate Governance Context

The appointments address regulatory compliance requirements under the Companies Act, 2013, and SEBI Listing Regulations. All proposed directors have submitted declarations confirming they meet independence criteria where applicable and are not debarred from holding director positions.

The company currently operates under Corporate Insolvency Resolution Process for its Lucknow and Rajasthan projects, managed by Resolution Professional Navneet Kumar Gupta. The Serene Residency project in Greater Noida and Fernhill project in Gurgaon are also under resolution processes with designated Resolution Professionals.

Remuneration Structure

All directors will initially serve with nil remuneration. However, the resolutions provide for future remuneration payments subject to company profitability and approval by the Nomination and Remuneration Committee and Board of Directors, without requiring fresh shareholder approval.

The postal ballot notice includes comprehensive e-voting instructions for shareholders holding securities in both demat and physical modes, with specific login procedures for NSDL and CDSL account holders.