Approval of Resolution Plan - Ansal Properties and Infrastructure Ltd.

IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI SPECIAL BENCH (COURT – II) Item No.206 IB-297/ND/2023 IA -50/ND/2024, IA-4253/ND/2024, IA-4904/ND/2025 IN THE MATTER OF IB-297/ND/2023: INDIAN BANK (A Government of India Enterprise) Stressed Assets Management, Large Branch, 17, Parliament Street New Delhi-110001 … Financial Creditor Versus M/S ANSAL PROPERTIES AND … Corporate Debtor INFRASTRUCTURE LTD. AND IN THE MATTER OF IA-50/ND/2024: NAVNEET KUMAR GUPTA IBBI Reg. No.: IBBI/IPA-001/IP-P00001/2016-17/10009 Address: Unit 2, Block D1, Golf Link, Sector 23B, Dwarka, New Delhi-110077 ... Applicant VERSUS APEX HEIGHTS PRIVATE LIMITED Having office at: S-672, School Block, Shakarpur, Delhi - 110092 ... Respondent No 1 GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY Having office at: Plot no. 1, Knowledge Park-IV Uttar Pradesh-201308 ... Respondent no. 2 DEPARTMENT OF REVENUE, Government of Uttar Pradesh Through Secretary VW4J+42F, Kaiserbagh Cir, Near DM Office, DM Compound Colony, Kaiserbagh Officer's Colony, Qaisar Bagh, Lucknow, Uttar Pradesh 226004 ... Respondent No.3 THE PRINCIPAL COMMISSIONER CGST/SGST 7-A Ashok Marg, Hazratganj, Lucknow, Uttar Pradesh 226001 ... Respondent no.4

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AND IN THE MATTER OF IA-4253/ND/2024: 1. MR. NAVNEET KUMAR GUPTA IBBI Reg. No. IBBI/IPA-001/IP-P00001/2016-2017/10009 Address: Unit 2, Block D1, Golf Link, Sector 23B, Dwarka, New Delhi 110077 …Resolution Professional/Applicant VERSUS 1. PRANAV ANSAL Address: 26, Ferozeshah Road New Delhi, Central Delhi, New Delhi, Delhi India- 110001 …Respondent No. 1 2. Prashant Kumar Flat No.-30, Shree Radha Apartment Plot No.3 Sector 9 Dwarka-110077 …Respondent No.2 3. Abdul Sami 136, SFS Flat, Phase- 4, Ashok Vihar, Delhi-110052 …Respondent No.3 AND IN THE MATTER OF IA-4904/ND/2025: IIFL HOME FINANCE LIMITED (Formerly known as India lnfolinc Housing Finance Limited) Through its Authorised Representative, Ms. Mani Kapoor Corporate Office at: Plot No. 98, Udyog Vihar, Phase IV, Sector 18, Gurgaon, Haryana – 122016 ...Applicant VERSUS NAVNEET KUMAR GUPTA Resolution Professional, M/s Ansal Properties and Infrastructure Pvt. Ltd. Unit 2, Block D 1, Golf Link, Sector 23B, Dwarka, New Delhi - 110077 Email: ... Respondent No. 1 APEX HEIGHTS PRIVATE LIMITED Successful Resolution Applicant, Through its Chief Human Resource Manager & Legal Head. Mr. Vikas Goel Corporate Office at S-672 School Block, East Delhi. Shakarpur, Delhi. India, 110092 ... Respondent No. 2

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Under Section: 7 of IBC, 2016 Order delivered on 06.10.2025 CORAM: SH. ASHOK KUMAR BHARDWAJ SH.RAVINDRA CHATURVEDI HON’BLE MEMBER (J) HON’BLE MEMBER (T) PRESENT: For the Applicant : Adv. Aditya Madaan and Adv. Prabhav Pachory & Adv. Digvijay Sahni, for IIFL in IA 4904 of 2025 For the Respondent : Adv. Mohit Chaudhary, Adv. Raghav Dikshit, Adv. Nimmi B. in IA-4113/2025, and IA-4116/2025 Adv. Manan Batra and Adv. Bharti Bhatt in IA- 4253/2024 for R-3 Adv. U.N. Singh for R-2 in IA-50/2024 Adv. Neeha Nagpal, Adv. Malak Bhatt, Adv. Nikunj Mahajan for R-1 in IA 4253/2024 For the RP : Adv. Sumesh Dhawan, Adv. Vatsala Kak, Adv. Kavya Tekriwal For the SRA : Sr. Adv. P. Nagesh, Adv. Akshay Sharma For the Indian bank : Adv. Rajesh Kumar Gautam, Adv. Azal Aekram, Adv. Hanu Parashar Hearing Through: VC and Physical (Hybrid) Mode ORDER IA-/50/ND/2024: 1. The present application has been preferred under Section 30(6) of IBC, 2016 for approval of the Resolution Plan, which has already been approved by the CoC with 100 % vote shares. 2. As can be seen from the Part-IV of CP(IB)-297/ND/2023, the amount of debt defaulted to be paid by the corporate debtor to the financial creditor i.e. Indian Bank was Rs. 257,77,22,173.50/-. Part-IV of the application reads thus:

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3. This Tribunal, vide order dated 20.10.2023, admitted the CIRP application qua the Corporate Debtor viz., Serene Residency Group Housing Project.

4. The Applicant i.e. RP has enumerated the factual development/progress qua the process in the application. In response to the invitation for expression of interest, as many as 11 bidders expressed their interest to submit their resolution plan. Finally, in response to the RFRP, only two applicants could submit their plan. The plan of Apex Heights Pvt. Ltd. being approved by Members of CoC with 100 percent vote shares turned successful.

5. The Resolution Plan demonstrates compliance with the provisions of Section 30(2) of the IBC, 2016, as it provides for the payment of CIRP costs and payment to Operational Creditors on a priority basis. The plan also provides for payment of dues to the dissenting financial creditors on priority; however, during the course of the hearing Ms. Vatsala Kak, Ld. Counsel for the RP made it clear that there is no dissenting financial creditor.

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6. She could draw our attention to the networth/assets of the promoters /shareholders qua the SRA, to assess as to whether the SRA has the financial capacity to execute the plan. Though, we are not fully satisfied with the contents of the plan in this regard, but in any case, it is for CoC to exercise its commercial wisdom to satisfy itself on this aspect and once the CoC is satisfied that the networth of the shareholders qua the SRA can be relied upon to believe that the SRA would be capable to implement the resolution plan, in exercise of our summary jurisdiction we refrain from expressing any opinion on this aspect

7. The resolution plan also contained the implementation scheduled. The relevant excerpt of key proposals contained in the resolution plan read thus:-

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8. To ensure proper supervision over the implementation of the resolution plan, the plan provides for the constitution of a Monitoring Committee. The relevant provision in this regard reads as follows:

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9. The RP has given a certificate in the prescribed form viz. Form H, stating that the resolution plan is not in the violation of provisions of law. It is also certified by the RP that the Resolution plan meets the criteria approved prescribed by the CoC having regard to the complexity and scale of operation of the business of the CD.

10. It has also been certified by the RP that the plan is in due deference of the provisions of Regulations 37, 38 and 39 of the IBBI (CIRP) Regulations, 2016. The RP has also certified that the SRA has submitted performance bank guarantee in form of fixed-term deposit of an amount of Rs. 8 crore by creating lien in favour of Indian Bank. The Jitendra/Hetash

RP has specified the compliance of IBC and relevant resolutions framed by IBBI thereunder as follows:-

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11. The RP has given the various steps taken during CIRP and consumed in taking the same as under:-

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12. The RP has also certified that the required approvals/licence from the concerned authority would be obtained promptly. The excerpt of the certificate in this regard reads thus:-

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13. An affidavit has been filed by Mr. Vikas Goyal, duly authorized by the Board of the SRA, declaring that the SRA is not suffering from any ineligibility under the provisions of Section 29A of the IBC, 2016.

14. The proof of fixed deposit and security to implement the plan is enclosed as Annexure 18 to the application (volume-7).

15. The resolution plan also deal with the cause of default and the proposal that how the same would be addressed by SRA. The excerpt of the plan reads thus:-

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16. The SRA has also declared that the resolution plan is not in the contravention of any provisions of law. The declaration given by the SRA reads thus:-

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17. In Clause-H of chapter III of the plan, the SRA has stated that the implementation of the Resolution Plan shall commence immediately from the NCLT Approval Date, and completion of the implementation of the Resolution Plan shall be carried out in accordance with the steps set out in in Chapter VI "Acquisition as a Real Estate Project" and Chapter VII "Conduct between NCLT Approval Date and Effective Date". The statement made by the SRA reads thus:-

18. The Resolution Applicants has declared that irrespective the relief and concessions, it will implement the resolution plan. As far as the relief and concession sought by the Applicant is concerned, it is made clear that except the relief and concession available to it in terms of the provisions of Section 31(1) and 32A of IBC, 2016, no other relief and concession would admissible to the SRA.

19. The total amount provided to Secured financial creditor is 15.6% of the amount claimed, whereas for unsecured financial creditors, the amount provided is 64.10% of the claimed amount. However, the unsecured creditors are homebuyers and they need to be given different treatment Clause-7 of the Form H given by the RP reads thus:-

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20. During the course of hearing, Ms. Vatsala Kak Ld. Counsel for the RP, submitted that the percentage provided in the aforementioned table is with reference to the claimed amount and if the percentage is calculated with reference to the admitted amount, then the percentage would increase.

21. Mr. U.N. Singh, Ld. Counsel for GNIDA, opposed the resolution plan, submitting that, as on date, the value of the land allotted by GNIDA to the Corporate Debtor runs into hundreds of crores. However, the resolution plan provides for payment of only Rs. 9,95,67,055/-, which is merely 31.40% of the claimed amount. The amount claimed by GNIDA is Rs. 31,70,28,904/-, while the amount admitted by the RP is Rs. 28,47,57,203/-.

22. In the reply filed on the behalf of GNIDA, the calculation of the amount admissible to GNIDA is given. Mr. P. Nagesh Ld. Sr. Counsel for the SRA and Ms. Vatsala Kak, Ld. Counsel for the RP submitted that the entire amount calculated by the GNIDA is of enhanced compensation /additional compensation/interest and penal interest. At this stage such an argument put forth on behalf of SRA and the RP cannot be accepted for the simple reasons that, the RP could admit the amount claimed by the GNIDA to the Jitendra/Hetash extent of Rs. 28,47,57,203/- It is not open for us at this stage to into the calculation of the amount. Though, the amount offered to GNIDA is higher than the secured creditors, but in Greater Noida v. Prabhjit Singh Soni, (2024) 6 SCC 767, Hon’ble Supreme Court expressed concern regarding the provisions of amount payable to land owning agencies.

23. Nevertheless, the in the present case the stakes of homebuyers are involved and in the recent judgment of Mansi Brar Fernandes v. Shubha Sharma and Anr., (2025) ibclaw.in 353 SC, Hon’ble Supreme Court has expressed the concern about the interest of the home buyers and their plight in the real estate project. The relevant excerpt of the judgment reads thus:-

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24. Finally, in terms of the judgment by Hon’ble Supreme Court in State Bank of India and Ors. v. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch and Anr., (2024) ibclaw.in 290 SC, we deem it appropriate to issue direction regarding the implementability of the resolution plan. Thus, we deem it appropriate to direct that the amount of Rs. 25.5 crore would be paid to the secured financial creditors upfront and balance amount without interest will be paid in six equal quarterly instalments beginning expiry of 6 months from the handover date, which is 30 days from the effective date i.e., plan approval date. On payment of agreed amount of Rs. 102 crore, payable to the secured creditors, the said SFC shall release all title and security documents and would hand over the same to SRA and issue appropriate letter/document in favour of SRA that may be required to register satisfaction of charge with ROC/MCA, CERSAI etc.,

25. To ensure the continuous and assured payment to Secured Financial Creditor the Resolution Applicant proposes to open an escrow account lo receive the sale proceeds of the units from existing as well future Allottees. Secured Financial Creditor will have right up to 10% of sale proceeds received, the shortfall, if any, from the quarterly amount payable shall be met by the Resolution Applicant before end of the respective quarter. In case 10% of sale proceeds received in any quarter are more than quarterly amount payable to the Secured Financial Creditor during that quarter same will be carried forward and adjusted against the amount payable to the Secured Financial Creditor in the succeeding quarter(s).

26. Within 6 months from Handover Date or 4 months from date of receipt of approvals from GNIDA, RERA as applicable, the possession of the units allotted to the allottee in towers -6 and 7 would be handed over. The possession of units in Towers -3, 4, 5, 8, 10, 11, 12 and 13 would be handed over as per the following schedule:-

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27. The club house, Swimming pool, Tennis court, Basketball court, skating ring, Kids Zone, gathering space etc. shall be completed along with the construction of remaining towers i.e., 1,2,9,13 and 14 within 48 months from the Handover Date as per the following provision contained in the plan:-

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28. To address the concern of the GNIDA, we take note of the fact that the liquidation value of Rs. 106.39 crore, its fair value is Rs. 137.47 Crore and the plan value is 355.35/- Crore.

29. Nevertheless, we direct that a responsible officer of GNIDA would participate in the meeting of the Monitoring Committee and will keep eyes on the accounts of the corporate debtor and if the profit made by corporate debtor would be more than 10 percent of the fair value, then the GNIDA would be entitled to the difference of the amount of admitted claim and the amount provided to be paid to it in terms of the plan.

30. As has been provided in the plan, the benefits arising from the outcome of the PUFE application shall accrue to the creditors. The relevant of the plan, in this regard reads thus:-

31. The plan stands approved subject to aforementioned directions. The provisions of Regulation 39(5) to (6) Regulation 39A of IBBI (CIRP) Regulation, 2016 and section 31(3) (b) would be acted up by all concerned.

IA-4904/ND/2025: The prayer made in the captioned application reads thus:-

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During the course of hearing our attention is drawn to Clause 5 and 6 of the application given by the SRA, enclosed with the application. The Paras 5 and 6 reads thus:-

Mr. P. Nagesh, Ld. Sr. Counsel for the SRA submitted that the SRA will implement the provisions made in aforementioned paragraphs and the dues amount in terms of the affidavit would be paid to the Applicant as per the provisions of the plan. In view of the statement made by him, the Application stands disposed of.

In any case, the SRA would ensure that the money payable to the applicant is paid in one go.

IA-4253/ND/2024: List the matter on 19.11.2025. Sd/- Sd/- (RAVINDRA CHATURVEDI) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)

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