Ansal Properties and Infrastructure Limited, a well-known real estate company undergoing Corporate Insolvency Resolution Process (CIRP), has officially disclosed the resignation of Shri Nakul Ahluwalia, who served as the Group Head and Vice President (HR & Admin). This development comes as part of ongoing organizational changes under the supervision of the Resolution Professional, Shri Navneet Kumar Gupta, who has been overseeing the affairs of the company as per the directions of the Hon'ble National Company Law Tribunal (NCLT), New Delhi Bench, Court IV.

The resignation is effective from 01st May, 2025, as per the intimation submitted by the company to both NSE and BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, commonly referred to as the LODR Regulations. This regulation mandates companies to promptly disclose material events and information which may affect stakeholders’ interest or influence the share price and public perception.

As per the corporate filing, the resignation letter from Mr. Ahluwalia, dated 01 May 2025, was received via email the same day and has been submitted as Annexure A to the stock exchanges. In the resignation email, Mr. Ahluwalia has made a noteworthy disclosure stating that during a Teams meeting with Resolution Professional Navneet Kumar Gupta and others, he was presented with a choice to resign or face termination. Consequently, he opted to resign and expressed willingness to hand over all responsibilities and data to his designated successor, Mr. Sonu Mehra. He also requested that his full and final settlement be processed by or before 07 May 2025.

Details Disclosed Under SEBI Circular (as per July 13, 2023 circular):

• Name: Shri Nakul Ahluwalia

• Designation: Group Head and Vice President (HR & Admin)

• Reason for Change: Resignation

• Effective Date of Resignation: 01 May 2025

• Term of Appointment: Not applicable due to resignation

• Brief Profile and Relationship Disclosure: Not applicable in the case of resignation

This disclosure also aligns with SEBI’s latest compliance framework and circulars such as SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123, which lay emphasis on transparency in communication regarding changes in Key Managerial Personnel (KMP) or senior officials in listed companies, especially when they are under insolvency or financial distress.

Background: Ongoing CIRP Against Ansal API

It is critical to note that Ansal Properties and Infrastructure Limited is currently under Corporate Insolvency Resolution Process (CIRP). The proceedings began pursuant to the NCLT Order dated 25 February 2025 in CP No.: IB 558(ND)/2024, under the Insolvency and Bankruptcy Code, 2016 (IBC). As per the filing, all operations, decisions, and business conduct of the company are now being managed by Shri Navneet Kumar Gupta, the appointed Resolution Professional (RP).

In addition to managing the overall affairs of the company, RP Navneet Kumar Gupta is also overseeing specific major real estate projects including:

• The Serene Residency Group Housing Project, Sector ETA-II, Greater Noida, U.P.

• The Fernhill Project, Gurgaon, Haryana (managed by another RP, Shri Jalesh Kumar Grover)

These projects remain under close supervision as part of the ongoing efforts to resolve the financial situation of the company and safeguard the interests of creditors and homebuyers.

Implications of Resignation

The resignation of a senior HR executive during the CIRP process signals a significant structural change in the management team and may be indicative of broader human resource and compliance shifts underway. The fact that the resignation was preceded by an ultimatum suggests internal challenges during the transition from promoter-led governance to RP-led administration.

Given the sensitivity and legal intricacies involved in CIRP, especially for a company in the real estate sector with public exposure and ongoing housing projects, each such resignation needs to be viewed not only as a personnel change but also as a strategic development impacting employee morale, project timelines, and stakeholder confidence.

Investors, homebuyers, and regulatory authorities are expected to monitor such updates closely as these changes can have direct implications on the resolution plan, ongoing project delivery, and reputation management.

Corporate Contact Information (As per Disclosure):

Registered Office:
Ansal Properties and Infrastructure Limited
115, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi – 110001

Phone: 011-23353550, 011-66302268 / 69 / 70 / 72

Website: www.ansalapi.com

Emails: info@ansalapi.com | customercare@ansalapi.com

Conclusion

The resignation of Nakul Ahluwalia during a critical phase of CIRP reflects the evolving management landscape at Ansal Properties. While the process under the IBC is expected to bring operational clarity and financial restructuring, transitions at senior levels often underscore the need for effective communication, documentation, and continuity in leadership.

Stakeholders should expect more such disclosures in the near term as the company proceeds under the oversight of the Resolution Professional and prepares for a potential resolution or acquisition scenario, depending on how the insolvency process unfolds.

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