Ansal Properties & Infrastructure Limited (APIL) has announced that the Hon'ble National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, passed an order dated 25th April 2025 concerning the Corporate Insolvency Resolution Process (CIRP) of the company.
- The NCLAT order was in response to two appeals (Company Appeal (AT) (Insolvency) No.500 of 2025 by homebuyers and No. 502 of 2025 by a suspended director) challenging the National Company Law Tribunal (NCLT), New Delhi order dated 25th February 2025 that admitted the Section 7 application filed by IL&FS Financial Services Ltd.
- IL&FS Financial Services Ltd initiated the CIRP over outstanding dues from term loans totaling ₹150 crore disbursed between 2016 and 2017. IL&FS claimed ₹257.43 crore was due after APIL defaulted on a settlement agreement.
- Various parties, including Development Authorities (like Lucknow Development Authority claiming ₹4490 crore dues), UP-RERA, UP Awas Evam Vikas Parishad, and homebuyers, filed intervention applications in the NCLAT, which were allowed.
- Appellants and Intervenors argued that the CIRP should be project-specific or excluded from large projects like Sushant Golf City, Hi-Tech Township, citing potential prejudice to thousands of homebuyers and the involvement of Development Authorities with significant stakes and rights.
- NCLAT directed that two specific projects, 'The Serene Residency Group Housing Project' and 'The Fernhill Project', for which separate CIRPs have been initiated and resolution plans approved by CoC, shall be kept out of the present CIRP.
- Development Authorities were granted liberty to file applications before the NCLT regarding the categorization of their claims (Financial Creditors/Secured Creditors).
- The Interim Resolution Professional/Resolution Professional (IRP/RP) is to proceed with collating and verifying claims of creditors.
- The NCLAT issued an interim order directing that while the CIRP may continue until the next hearing, no Form-G (invitation for expression of interest) shall be issued in the CIRP of APIL.
- The appeals are listed for disposal on 20th May 2025 at 02:00 PM.