Ansal Properties and Infrastructure Ltd. (Ansal API), a well-known name in the Indian real estate sector, has announced the 33rd Committee of Creditors (CoC) meeting for its Fernhill project located in District Gurgaon, Haryana. The meeting is scheduled to take place on December 27, 2024, and will address critical matters related to the project’s ongoing resolution process.

Context of the Fernhill Project

The Fernhill project has been under the purview of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) due to challenges related to financial viability and compliance. The project was admitted under Section 7 of the Insolvency and Bankruptcy Code (IBC) following a resolution application dated January 13, 2023, as filed with the stock exchanges. This decision limited the insolvency proceedings specifically to the Fernhill project.

In a subsequent order dated January 10, 2024, the Hon’ble NCLT replaced the earlier Resolution Professional, Shri Ashwani Kumar Singla, with Shri Jalesh Kumar Grover, further highlighting the project’s efforts to comply with legal mandates and ensure a resolution beneficial to creditors and stakeholders.

Upcoming Committee of Creditors Meeting

The upcoming 33rd CoC meeting will focus on key resolutions and strategies to address pending issues associated with the Fernhill project. It will include discussions on financial planning, creditor concerns, and operational measures to ensure the project’s progression. This meeting represents another step in Ansal API’s commitment to transparent resolution processes under the guidance of SEBI’s Regulation 30 of Listing Obligations and Disclosure Requirements.

Resolution Professionals' Role

The resolution of the Fernhill project is managed by Shri Jalesh Kumar Grover, who brings extensive expertise to the table. Additionally, the company’s Serene Residency Group Housing Project in Greater Noida is managed by another seasoned professional, Shri Navneet Kumar Gupta. Their efforts are instrumental in navigating the complexities of the insolvency proceedings and ensuring that stakeholders' interests are protected.

Commitment to Compliance and Governance

Ansal API has consistently adhered to SEBI regulations and the directives issued by NCLT and NCLAT. The regular updates provided to stock exchanges highlight the company’s focus on transparency and governance. The decision to hold the CoC meeting aligns with these principles and demonstrates Ansal API’s proactive approach in resolving project-specific issues.

Future Steps

The Fernhill project is expected to benefit from the deliberations and resolutions adopted during the upcoming CoC meeting. Stakeholders, including creditors, are hopeful for a structured resolution plan that ensures project completion and financial recovery.

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