Only one resolution applicant for Ansal Properties Ferhill Project
Only one resolution plan has been submitted for Fernhill Project, a Gurgaon-based housing project of Ansal Properties and Infrastructure. A consortium of Sandeep Gupta, Anoop Kumar Mittal, Vision Distributors Private Limited and Aadi Propbuild Private Limited has submitted the resolution plan for Fernhill Project.
The insolvency petition against the Ansal Properties and Infrastructure was filed by 126 homebuyers, whom the real estate company has not delivered the flats they booked in one of its Gurgaon projects called The Fernhill.
The insolvency application against the realtor was admitted by NCLT in November 2022. However, after change in insolvency rules for real estate companies, the insolvency process against Ansal Properties and Infrastructure was limited to its Gurgaon-based project Fernhill.
The 126 applicants had together paid Rs 53.5 crore to the builder for booking flats in the said project. The homebuyers have also alleged the builder of diverting the money collected for the projects to another project – Samyak Projects and Infrastructure Ltd.
The lenders submitted claims of Rs 1,115 crore, but the resolution professional admitted only Rs 380 crore claims. Homebuyers are the biggest creditors with 379 crore admitted claims.
Change in rule
The insolvency regulator early this year changed the insolvency and bankruptcy regulations for real estate companies. The regulator said that when an application is filed to initiate the CIRP in respect of a corporate debtor who is the promoter of a real estate project, and the default pertains to one or more of its real estate projects, the adjudicating authority, at its discretion, should admit the case but apply the CIRP provisions only with respect to such real estate projects, which have defaulted.
“In practice, it is observed that there are situations where because of the default in one project, the CIRP is initiated against the entire company. This is counterproductive as other solvent projects are also stalled post-commencement. It is also noted that in real estate cases, the default often pertains to specific projects (while other projects continue to do well). Thus, it is felt that the Code should provide a specialised framework to deal with cases involving CDs that are promoters of real estate projects,” the regulator has argued in a consultation paper suggesting far-reaching changes in the insolvency and Bankruptcy Code, 2016.
Also Read: 3,000 homebuyers submit Rs 3,192 cr claims against Ansal Properties and Infrastructure
