The National Company Law Tribunal (NCLT) has approved a resolution plan for Ansal Properties & Infrastructure 's Serene Residency Group Housing Project in Greater Noida, marking a significant development for the stalled real estate project and its stakeholders.

Key Highlights of the Resolution Plan

• Successful Applicant: Apex Heights Private Limited has been selected as the successful resolution applicant with 100% approval from the Committee of Creditors (CoC).

• Financial Settlement:

  Creditor Type	Amount Provided	Percentage of Admitted Claims
  Secured Financial Creditors	Rs. 102.00 crores	34.96%
  GNIDA	Rs. 9.95 crores	34.95%

• Project Completion: The plan addresses homebuyer claims through project completion, with construction timelines ranging from 6 to 33 months for different towers from the handover date.

• Escalation Charges: Existing allottees will be subject to escalation charges of Rs. 250-350 per sq ft.

• Monitoring Committee: A monitoring committee will be established to oversee the implementation of the resolution plan.

Implementation Timeline

The resolution plan outlines a structured approach to project completion:

• Immediate Towers: Possession of units in Towers 6 and 7 to be handed over within 6 months from the Handover Date or 4 months from receiving approvals from GNIDA and RERA.
• Phased Completion: Towers 3, 4, 5, 8, 10, 11, 12, and 13 to be completed in phases, with timelines ranging from 18 to 33 months.
• Amenities: Club house, swimming pool, and other recreational facilities to be completed within 48 months from the Handover Date.

Financial Creditors and GNIDA

The NCLT has addressed concerns raised by the Greater Noida Industrial Development Authority (GNIDA) regarding the settlement amount. While GNIDA will receive Rs. 9.95 crores against its admitted claim of Rs. 28.47 crores, the Tribunal has directed that a GNIDA officer participate in the Monitoring Committee meetings to oversee the project's finances.

Homebuyers' Interest

The resolution plan prioritizes the completion of the project, aligning with recent Supreme Court judgments emphasizing the protection of homebuyers' interests in distressed real estate projects.

Conclusion

The approval of this resolution plan marks a crucial step towards resolving the issues faced by Ansal Properties' Serene Residency Project. It offers a structured approach to project completion and addresses the concerns of various stakeholders, including homebuyers, financial creditors, and the local development authority. The success of this resolution will depend on the effective implementation of the plan under the supervision of the Monitoring Committee.

Ansal Properties & Infrastructure Limited (APIL), a real estate company currently undergoing Corporate Insolvency Resolution Process (CIRP), has reported a significant financial setback for the fiscal year ended March 31, 2025. The company's financial results, released under the supervision of Resolution Professional Navneet Kumar Gupta, reveal the extent of its financial challenges.

Substantial Loss and Negative Net Worth

APIL reported a comprehensive loss of Rs 1,629.16 crore for FY 2024-25, a stark contrast to the profit of Rs 2.48 crore in the previous year. This substantial loss has exacerbated the company's financial woes, with accumulated losses reaching Rs 3,154.70 crore. As a result, APIL's net worth has turned negative, standing at Rs 1,816.21 crore.

Key Financial Metrics

The company's financial position is further strained by a significant liquidity crunch. Current liabilities exceed current assets by Rs 2,234.83 crore, indicating severe short-term financial stress. The following table summarizes key financial metrics:

Insolvency Proceedings and Management

APIL has been under CIRP since February 25, 2025, following an order by the National Company Law Tribunal (NCLT), New Delhi. Navneet Kumar Gupta has been appointed as the Resolution Professional to oversee the company's affairs during this process.

Audit Qualifications and Ongoing Challenges

The company's auditors, MRKS & Associates, have issued a qualified opinion on the financial statements. Key issues highlighted include:

1. Non-recognition of interest on NPA borrowings amounting to Rs 30.05 crore.
2. Inability to provide consolidated financial results due to difficulties in obtaining statements from subsidiaries.
3. Multiple legal challenges, including arbitration awards and RERA deregistrations.

Outlook and Dividend

Given the company's financial distress, no dividend has been declared for the fiscal year 2024-25. The resolution process under the Insolvency and Bankruptcy Code, 2016, will be crucial in determining APIL's future trajectory.

The company's ability to continue as a going concern remains uncertain, contingent on the outcome of the CIRP and potential restructuring efforts. Stakeholders, including homebuyers and creditors, will be closely watching the developments in the coming months as Ansal Properties & Infrastructure navigates through this critical phase of insolvency resolution.