In a critical update for stakeholders and creditors, Ansal Properties and Infrastructure Limited (APIL) has conducted the 22nd Committee of Creditors (CoC) meeting for its Serene Residency Group Housing Project, located at Sector ETA II, Greater Noida, Uttar Pradesh, on June 30, 2025. This development comes under the framework of the Corporate Insolvency Resolution Process (CIRP) governed by the Insolvency and Bankruptcy Code (IBC), 2016.

The project, initiated and developed by APIL, is currently under insolvency proceedings following an order dated October 20, 2023, passed by the Hon’ble National Company Law Tribunal (NCLT), New Delhi, Court IV, and communicated to stock exchanges the following day. The insolvency proceedings were formally registered under CP No.: IB 558(ND)/2024, with Shri Navneet Kumar Gupta acting as the Interim Resolution Professional (IRP) and subsequently designated as the Resolution Professional (RP).

This 22nd CoC meeting was part of the regular procedural steps taken by the Resolution Professional to engage with the financial creditors, ensure transparency, and evaluate proposals regarding the future course of action for the Serene Residency project. These meetings are a vital part of the resolution mechanism laid down under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under Regulation 30, which mandates timely disclosure of material events.

Background of the CIRP and the Project:

Serene Residency Group Housing Project, located in one of the prominent sectors of Greater Noida, was once considered a key real estate development initiative under Ansal API’s residential portfolio. However, due to delays and financial distress, the project was dragged into legal proceedings, culminating in the NCLT order dated October 20, 2023, that admitted the project into CIRP.

The resolution process for Serene Residency is currently being overseen by Resolution Professional Shri Navneet Kumar Gupta, who has been empowered to manage the operations, business, and financial matters of the project independently, subject to the oversight of the CoC.

According to the latest filing submitted on June 30, 2025, Ansal Properties and Infrastructure Limited has duly notified both the National Stock Exchange of India (NSE) and BSE Limited, confirming the scheduling and conduct of the 22nd CoC meeting. The meeting is part of the structured resolution framework that evaluates revival plans, creditor proposals, financial strategies, and restructuring alternatives.

Role of the Resolution Professional:

Shri Navneet Kumar Gupta, the appointed RP, is managing not just the financial operations but also acting as a key liaison between the CoC, regulatory authorities, and prospective resolution applicants. His responsibilities include the preparation of Information Memorandums, evaluation of expressions of interest, and ensuring compliance with IBC provisions.

The CoC meetings provide a platform for the secured and unsecured creditors, financial institutions, and operational stakeholders to:

• Assess the viability of the ongoing project

• Explore avenues for completion and handover

• Review any resolution plans submitted by interested bidders or investors

Multiple Projects Under Insolvency at APIL:

It's important to note that Ansal Properties and Infrastructure Limited, once a major name in India’s real estate development space, is now facing insolvency issues across multiple projects. While Serene Residency is being handled by Shri Navneet Kumar Gupta, another project, The Fernhill Project in Gurgaon, Haryana, is under the resolution of Shri Jalesh Kumar Grover, also appointed by NCLT for that particular project.

These parallel insolvency proceedings highlight the broader financial crisis facing the Ansal Group, once known for landmark residential and commercial townships across North India. The company, incorporated in 1967, is now struggling with liquidity, project delays, and pending homebuyer obligations, prompting legal intervention.

Compliance and Regulatory Aspects:

The disclosure made by Ansal API on June 30, 2025, is in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, which mandates timely reporting of all material events that may impact investors’ decisions. As a listed company (Scrip Code: ANSLAPI on NSE and 500013 on BSE), Ansal is required to maintain transparency about its financial and operational developments, especially when involved in CIRP.

Outlook:

For creditors, homebuyers, and other stakeholders**, the 22nd CoC meeting represents a continuing effort to arrive at a viable resolution plan for the Serene Residency project. With homebuyers anxiously awaiting possession and creditors concerned about debt recovery, these meetings form the backbone of decision-making under the insolvency framework.

The outcome of the CoC meetings and any finalized resolution plan will determine:

• Whether the project will be revived, sold, or liquidated

• The timeline and process for homebuyer claims

• The amount and terms of recovery for financial institutions and creditors

Until then, Ansal Properties and Infrastructure Limited will continue under the administration of its respective Resolution Professionals, in accordance with NCLT orders and the guidelines under the IBC.

This ongoing resolution process, particularly the developments surrounding Serene Residency, will be closely watched by investors, regulators, and real estate stakeholders, as it sets a precedent for the resolution of stalled urban housing projects through legal and structured frameworks.

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