31 , October , 2023
In a major development, the New Delhi bench of the National Company Law Tribunal (NCLT) has admitted the insolvency resolution application filed by the Indian Bank against the Serene Residency Group Housing Project at Sector ETA II after it defaulted on its dues of about Rs. 257 crore. Navneet Kumar Gupta has been appointed as interim resolution professional (IRP) for the company.
The company is a subsidiary of listed real estate firm Ansal Properties and Infrastructure Ltd.
Previously, in September 2013, the developer borrowed about Rs. 150 crore from state-owned lender to finance its Serene Residency Group Housing Project in Greater Noida. In 2015, the parties agreed to extend the loan for estimated project cost of Rs. 528 crore. The division bench of judicial member Ashok Kumar Bhardwaj and a technical member LN Gupta, while admitting the company under the Corporate Insolvency Resolution Process, has restrained all the parties from transferring, encumbering, alienating, or disposing of any company's assets linked with the Serene Project.