Ansal Properties & Infrastructure faces a setback as the National Company Law Tribunal (NCLT) has remanded the resolution plan for its Fernhill Project back to the Committee of Creditors (CoC) for reconsideration. This decision comes in light of objections raised by homebuyers and issues related to belated claims.

Key Developments

1. NCLT Decision: The tribunal has directed the CoC to address the concerns raised by homebuyers and resolve issues pertaining to belated claims in the Fernhill Project resolution plan.

2. CoC Meeting: In response to the NCLT's directive, the Resolution Professional convened the 44th meeting of the Committee of Creditors. The meeting agenda included:

   • Discussion of the tribunal's directions
   • Seeking an extension of 60 days for the Corporate Insolvency Resolution Process (CIRP)
   • Ratification of appointments for the Gurugram project

Implications and Next Steps

The remand of the resolution plan by NCLT highlights the complexities involved in the insolvency resolution process, especially for real estate projects where homebuyers are significant stakeholders. The CoC now faces the challenge of addressing these concerns while ensuring a fair and viable resolution for all parties involved.

The request for a 60-day extension of the CIRP period suggests that additional time may be needed to revise the resolution plan and address the issues raised by the NCLT. This extension, if granted, could potentially delay the resolution process but may lead to a more comprehensive and acceptable plan.

The ratification of appointments for a new security agency and consultants for the Gurugram project indicates ongoing efforts to manage and potentially revitalize Ansal Properties' projects during the insolvency process.

As the situation unfolds, stakeholders, including homebuyers and creditors, will be closely watching the CoC's actions and the revised resolution plan that emerges from this process. The outcome of this case could have significant implications for Ansal Properties & Infrastructure's future operations and its ability to complete ongoing projects.

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.