NCLT Admits Plea Against Ansal's Serene Residency Group Housing

The bankruptcy court in New Delhi has accepted the plea against Serene Residency Group (a subsidiary of Ansal Properties and Infrastructure) Housing Project at Sector ETA II after it defaulted on the dues worth 257 crore.

National Company Law Tribunal (NCLT) has accepted the insolvency resolution application filed by the Indian Bank against the company and also appointed Navneet Kumar Gupta as interim resolution professional (IRP) for the case.

The infra-developer borrowed about Rs 150 crore in September 2013 from a state-owned lender to finance its Serene Residency Group Housing Project in Greater Noida. The parties agreed to extend the loan for an estimated project cost of Rs 528 crore in the year 2015.

The division bench, seated by judicial members Ashok Kumar Bhardwaj and a technical member LN Gupta, has admitted the plea. The bench has stated that under the Corporate Insolvency Resolution Process, all the parties are restrained from transferring, encumbering, alienating, or disposing of any company's assets linked with the Serene Residency Project.

The NCLT had to decide whether the limitation period stood renewed upon payment being made after the account was declared a non-performing asset (NPA).

After hearing both sides, the NCLT took the view that the period of limitation shall commence from the date of payment, even if it is just a partial payment.