NCLT clears Goldstar Realtors’ ₹187.45-crore plan for Greater Noida builder ANS Apartments after

The National Company Law Tribunal’s New Delhi bench has approved a ₹187.45 crore resolution plan submitted by Goldstar Realtors Ltd for ANS Apartments Pvt Ltd, a Greater Noida group-housing developer, ending a corporate insolvency resolution process that ran more than six years and was once sent back to the committee of creditors by the tribunal itself.

The two-member bench of Bachu Venkat Balaram Das (Judicial) and Ravindra Chaturvedi (Technical) allowed the resolution professional’s application, I.A. (IBC)(Plan) 58(ND)/2024, in an order pronounced on June 9, 2026. The plan carries a total realisable amount of ₹175.07 crore against admitted claims of ₹319.73 crore — a recovery of 54.75 per cent — with the balance accounted for by ₹7.50 crore of fresh infusion by the successful resolution applicant and ₹4.89 crore of CIRP cost.

Homebuyers, who formed the bulk of the committee of creditors, had claims of ₹107.28 crore admitted and will be paid entirely in kind through delivery of flats under the plan’s Schedule 6. The successful resolution applicant has undertaken to complete the project and hand over units within 18 months of the effective date, with a six-month grace period.

The Greater Noida Industrial Development Authority, treated in the plan as an operational creditor, had ₹127.85 crore admitted and will receive ₹67.50 crore, or 52.80 per cent — ₹27.50 crore in cash across five tranches and ₹40 crore through 40 lakh redeemable preference shares of ₹100 each. GNIDA’s objections to the revised plan were rejected by the same bench on the same day in a separate order in IA-1628/2025, in which the tribunal held that the treatment accorded to the authority was over and above its statutory entitlement under Section 30(2) read with Section 53 of the Code.

Other operational creditors with ₹2.37 crore admitted will receive ₹23.72 lakh, a recovery of about 10 per cent. The Commercial Tax Department, Noida, accounts for ₹2.04 crore of that figure and is separately shown as receiving ₹20.44 lakh. Employee dues of ₹71,518 will be paid in full. The lone dissenting unsecured financial creditor, with ₹17.52 lakh admitted, gets ₹4 lakh. There were no secured financial creditors.

The CIRP began on December 6, 2019 on a Section 7 application by financial creditor Satyajeet Panda and another, with Ram Phal Bhardwaj appointed interim resolution professional and later confirmed as RP. The committee of creditors had approved Goldstar’s plan as early as August 2020, choosing the H2-ranked bidder over Ramawat Infraprojects Pvt Ltd, which had scored 10 out of 10 on the evaluation matrix against Goldstar’s 7.6. Goldstar was approved with 99.935 per cent voting share; Ramawat drew 0.065 per cent.

The plan approval application filed in October 2020 was reserved, de-reserved and eventually remanded to the CoC on January 3, 2024 after the tribunal directed reconsideration, including on valuation. A fresh valuation exercise followed, and Goldstar submitted a revised plan dated July 5, 2024 with addenda of August 5 and August 10, 2024. The 17th CoC meeting approved it with 100 per cent voting share, the homebuyer class voting 99.91 per cent in favour through its authorised representative.

The fresh valuation cut the corporate debtor’s assessed worth sharply. Fair value fell from ₹176.41 crore in the original exercise to ₹25.61 crore, and liquidation value from ₹128.03 crore to ₹19.17 crore. On the revised numbers, the realisable amount works out to 913.21 per cent of liquidation value.

The bench, relying on Vallal RCK v. Siva Industries and Holdings and the line of authority from K. Sashidhar onwards, held it could not sit in appeal over the commercial wisdom of the CoC. It directed implementation within 180 days of the effective date, lifted the moratorium under Section 14, and declined to grant the reliefs and concessions sought by the SRA, directing it instead to approach the appropriate authorities under Embassy Property Development v. State of Karnataka. A three-member monitoring committee will oversee implementation until closing date.

Also See: NCLT approves Rs 288-cr resolution plan for ACCIL Corporation