SRS Real Infrastructure: A tangled web of assets and litigation awaits new buyer

For the fourth time in as many years, SRS Real Infrastructure Limited, a real estate developer once known for ambitious residential and commercial projects across Haryana, is on the block. Resolution Professional Amarpal has issued a fresh invitation for Expression of Interest (EOI), hoping to finally find a buyer for the company’s scattered portfolio of land, incomplete projects, and a disputed five-star hotel.

The latest EOI, published on February 16, 2026, comes more than three years after the National Company Law Tribunal (NCLT), Chandigarh Bench, admitted the company into Corporate Insolvency Resolution Process (CIRP) on August 16, 2022. The repeated attempts to find a resolution applicant underscore the complexities and legal uncertainties clouding the developer’s assets.

A Portfolio Marred by Ownership Disputes

While the company’s portfolio appears diverse—ranging from a 35-acre plotted residential project in Panchkula to a commercial IT tower on NH-2 in Faridabad—two of its most significant assets are mired in legal challenges that could deter potential bidders.

The invitation document explicitly warns prospective resolution applicants (PRAs) about the status of the SRS Emerald Court and the SRS Nest (Banquet & Five Star Hotel) projects. Both assets are situated on land owned by a wholly-owned subsidiary, M/s SRS Retreat Services Ltd., and are heavily mortgaged to lenders. Crucially, the mortgagee banks have contested the Joint Development Agreements (JDAs) signed with the corporate debtor, alleging they were executed “without any approval and disclosure from the mortgagee bank”.

In the case of the SRS Nest hotel in Palwal, which sits on approximately 14 acres and includes constructed banquet and hotel facilities, the situation is even more fraught. The mortgagee bank has reportedly labeled the construction expenditure by the corporate debtor as “fraudulent transactions,” arguing that the asset does not belong to the corporate debtor. Furthermore, approximately ₹70 crores in receivables from government departments are also tied to this disputed land. The RP has noted that the status of these assets may change pending further documents from the banks, injecting a significant element of uncertainty into the bidding process.

The Assets on Offer

Despite the disputes, the EOI lists a range of properties across Haryana:

1. SRS Residency, Panchkula: A residential plotted project on 35 acres with 573 units.
2. SRS Royal Hills, Rewari: A completed residential project with 345 units and 8 shops.
3. SRS Pearl Floor, Palwal: A completed residential project with 470 unsold units.
4. SRS Retreat Farms, Manjhawali (Faridabad): A completed residential project on 109 acres with unsold units.
5. SRS Tower, Faridabad: A commercial IT project with 350 units on NH-2.
6. SRS Emerald Court, Faridabad: Semi-constructed land (23 Kanal 13 Marla) on NH-2 (ownership disputed).
7. SRS Signature Farm, Rohtak: A proposed plotted project on 15 acres.
8. SRS Nest, Palwal: A constructed banquet and five-star hotel on 14 acres (ownership disputed, operations ceased).
9. Plots at Lotus City, Kurukshetra: 7 plots totaling 1,610 sq. yards.
10. Land in Bijopur, Faridabad: 3 acres and 16 marla.
11. Land in Chirsi, Faridabad: 5.85 acres.
12. Receivables: Approximately ₹70 crores from government departments, linked to the disputed SRS Nest land.

Stringent eligibility for bidders

To navigate this complexity, the RP has laid out strict financial criteria. For those bidding for the corporate debtor as a going concern, the minimum tangible net worth required is ₹50 crores for companies, and ₹30 crores for individuals or HUFs, based on the average of the last two financial years. Financial investors must have Assets Under Management (AUM) of at least ₹250 crores.

Interested parties must submit a refundable EMD of ₹10 lakh along with their EOI by the March 3, 2026 deadline. Successful PRAs will later need to deposit a performance security of ₹1 crore for individual projects or ₹5 crore for the entire company.

A history of failed attempts

The current invitation explicitly addresses previous bidders. It notes that applicants who were part of the final lists from the first, second, and third Form-G invitations (issued in 2023) must submit all documents afresh, although their earlier Earnest Money Deposits (EMD), if not withdrawn, will be adjusted.

The company, which has had no operations in recent years and employs no staff, presents a complex challenge. The RP has been transparent about the fact that information is based on available documents and may change. A significant hurdle remains the lack of clarity over the subsidiary-owned assets. The mortgagee banks are “in the process” of sharing more documents that could alter the status of these key properties.

With the fourth attempt now underway, the success of the SRS Real Infrastructure CIRP hinges on whether a buyer can be found who is willing to untangle its legal knots and see value in a real estate portfolio frozen in time. The last date for submission of EoIs is March 3, 2026.

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