Ansal Properties & Infrastructure Limited (APIL) conducted its 41st adjourned Committee of Creditors (CoC) meeting for the Fernhill Project in Gurgaon on September 3, 2025, as the company continues to navigate through its Corporate Insolvency Resolution Process (CIRP). The meeting, chaired by Resolution Professional (RP) Jalesh Kumar Grover, addressed several key issues and provided updates on the project's status.

Project Updates and Structural Audit

• Construction work has commenced on Towers N and P of the Fernhill Project
• Engineer Mr. Chimman Singh hired at a monthly remuneration of Rs. 60,000 to oversee construction activities
• Structural audit report estimates retrofitting costs at Rs. 1.02 crore, slightly higher than the initial quote of Rs. 1.02 crore

Ongoing Litigation and Settlement Discussions

• Multiple applications pending before the National Company Law Tribunal (NCLT)
• Settlement discussions with Samyak Projects Private Limited remain unsuccessful
• Disputes over fair value computation and unsold area calculations
• Samyak Projects declined to accept the RP's calculated amount and is re-computing their entitlement

DTCP Approval and Construction Plans

• Department of Town and Country Planning (DTCP) acknowledged RP's authority to proceed with construction
• Cleaning work at the site has commenced
• Inventory of fit-outs and repair requirements underway
• RP aims to complete Towers N and P within 6-8 months before starting work on remaining towers

Financial Matters

• Rs. 20 crore total interim finance approved in Resolution Plan
• Rs. 1 crore allocated for retrofitting expenses
• If Resolution Plan by Krish Infrastructure Private Limited is approved by NCLT, no interest will apply
• If rejected, 15% interest rate will become payable

Homebuyer Concerns

• 67 homebuyers participated virtually in the meeting
• Concerns raised about:
  • Timeline for obtaining Occupancy Certificates
  • Possibility of reselling allotted units
  • Status of belated claims
• RP addressed concerns:
  • Occupancy Certificates for Towers N and P can be applied for separately upon completion
  • 42 belated claims received, 41 verified, amounting to Rs. 24.34 crore

Next Steps

• Next NCLT hearing scheduled for September 8, 2025
• RP to share detailed construction plan within a week
• Efforts to expedite resolution of pending applications before NCLT

As Ansal Properties & Infrastructure Limited continues its journey through the insolvency process, the focus remains on completing the Fernhill Project and addressing the concerns of all stakeholders involved.

Ansal Properties & Infrastructure recently conducted its 24th Committee of Creditors (CoC) meeting for the Serene Residency Group Housing Project, located in Sector ETA II, Greater Noida. The meeting, held on August 29, marks a significant milestone in the ongoing Corporate Insolvency Resolution Process (CIRP) for this specific project.

Meeting Details

The CoC meeting, which lasted from 11:00 AM to 12:30 PM, was conducted via audio/video conferencing. Key agenda items included:

• Roll call and quorum verification
• Review of minutes from the previous meeting held on July 31
• Updates on legal cases
• Operational status of the project

Insolvency Process Background

The Serene Residency Project entered the CIRP following an order by the National Company Law Tribunal (NCLT) dated October 20, 2023. Currently, the project's affairs are being managed by Resolution Professional Navneet Kumar Gupta, who was appointed by the NCLT in February.

Broader Context

It's worth noting that Ansal Properties & Infrastructure is facing broader financial challenges:

1. The company itself is undergoing a Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.
2. The company's affairs, business, and assets are being managed by Navneet Kumar Gupta, who is now designated as the Resolution Professional.
3. Another project, the Fernhill Project in Gurgaon, is also under resolution, managed by a different resolution professional, Shri Jalesh Kumar Grover.

Regulatory Compliance

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has submitted a summary of the minutes from this 24th CoC meeting to the National Stock Exchange of India Limited and BSE Limited.

This meeting and its proceedings underscore the ongoing efforts to address the financial and operational challenges faced by Ansal Properties & Infrastructure, particularly concerning its Serene Residency project in Greater Noida. As the insolvency process continues, stakeholders will be keenly watching for any developments that might impact the project's future and the company's overall financial health.