CFO of Ansal Properties and Infra resigns over unpaid salaries

Prashant Kumar has officially resigned from his positions as Chief Financial Officer (CFO) and President (Accounts and Finance) of Ansal Properties and Infrastructure Limited (APIL), with the resignation taking effect from April 4, 2025. This decision, initially under consideration, was formally accepted during the second Meeting of the Committee of Creditors (COC) of APIL, held on Friday, April 11, 2025.  

In his resignation letter addressed to interim resolution professional (IRP) Navneet Kumar Gupta, Kumar detailed his reasons for stepping down. He cited the recent decisions regarding the reduction in salaries of key management personnel (KMPs), including himself, and the non-disbursement of his salary since February 2025 as the primary factors leading to his resignation.  

Kumar’s letter expresses his dissatisfaction with the lack of communication and consultation surrounding these salary-related decisions. He stated that repeated attempts to address the issue of non-payment of his and other employees’ salaries went unresolved. Furthermore, he conveyed his concern about not being consulted or informed about the reasoning behind the salary reductions, and the absence of any effort to explore alternative solutions.  

While acknowledging the opportunities and experience gained during his tenure at APIL, Kumar indicated that the proposal for a salary cut, raised during the first COC meeting on March 27, 2025, made it untenable for him to continue in his role. He emphasized that the non-disbursement of his salary since February 2025, combined with the COC’s decision to reduce his salary, has created a challenging financial situation for him and deprived him of the opportunity to be heard. He characterized this treatment as “arbitrary, illegal and against the natural justice”.  

Kumar’s letter also asserts that employee salaries remain due and payable, notwithstanding the company’s insolvency, and that he, like any other employee, is entitled to his remuneration. He concluded by expressing his commitment to ensuring a smooth transition and offering to provide a handover at the earliest. He requested that the IRP take the necessary steps for disclosures as per SEBI regulations, filing of DIR-12 with the Registrar of Companies, Delhi, and the release of his outstanding dues, including sums due from provident funds and gratuity.  

Ansal Properties and Infrastructure Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Two of its residential projects — The Fernhill Project in Gurgaon, Haryana and The Serene Residency Group Housing Project” in Greater Noida, UP, are also undergoing CIRP.

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