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The New Delhi bankruptcy court has taken a significant step by admitting the insolvency case of the Serene Residency Group Housing Project, located at Sector ETA II, due to its default on financial obligations amounting to approximately ?257 crore. This project is a subsidiary of the prominent real estate firm, Ansal Properties and Infrastructure Ltd.
The National Company Law Tribunal (NCLT) in New Delhi has officially acknowledged the insolvency resolution application initiated by Indian Bank against the Serene Residency Group Housing Project. In response, Navneet Kumar Gupta has been appointed as the interim resolution professional (IRP) for the company to oversee the proceedings.
The story traces back to September 2013 when the development company secured a loan of around ?150 crore from a state-owned lender to support the Serene Residency Group Housing Project in Greater Noida. In 2015, both parties reached an agreement to extend the loan for an estimated project cost of ?528 crore.
A division bench comprising judicial member Ashok Kumar Bhardwaj and technical member LN Gupta, while granting admission to the company under the Corporate Insolvency Resolution Process, has imposed restrictions on all parties, preventing them from transferring, encumbering, alienating, or disposing of any assets associated with the Serene Project.
The NCLT had to decide whether the limitation period would restart following payment after the account was declared a non-performing asset (NPA). After hearing arguments from both sides, the NCLT determined that the limitation period would commence from the date of payment, even if it constituted only a partial payment.
This development signifies a critical juncture for the Serene Residency Group Housing Project, and it remains to be seen how the insolvency proceedings will unfold in the days to come.
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