* The National Company Law Tribunal (NCLT), New Delhi, approved the resolution plan for the 'Serene Residency Group Housing Project' of Ansal Properties and Infrastructure Limited, situated at Sector ETA-II, Greater Noida, Uttar Pradesh on 6th October 2025. * The Corporate Insolvency Resolution Process (CIRP) was initiated against the project via an NCLT order dated 20th October 2023. * The resolution plan was approved by the CoC with 100% vote shares. * Indian Bank's debt was ₹257.77 crore. * 11 bidders expressed interest, but only two submitted resolution plans. * Apex Heights Pvt. Ltd.'s plan was approved. * The resolution plan provides for payment of CIRP costs and priority payments to operational creditors and dissenting financial creditors (none in this case). * The SRA has submitted a performance bank guarantee in the form of a fixed-term deposit of ₹8 crore in favor of Indian Bank. * The total amount provided to secured financial creditors is 15.6% of the amount claimed, while for unsecured financial creditors (homebuyers), the amount provided is 64.10% of the claimed amount. * The NCLT directed that ₹25.5 crore be paid to the secured financial creditors upfront, with the balance (without interest) to be paid in six equal quarterly installments, starting 6 months after the handover date (30 days from the plan approval date). * Upon payment of the agreed amount of ₹102 crore to the secured creditors, they will release all title and security documents to SRA. * The Resolution Applicant proposes to open an escrow account to receive the sale proceeds of the units from existing as well future Allottees. * Possession of units in towers -6 and 7 would be handed over within 6 months from Handover Date or 4 months from date of receipt of approvals from GNIDA, RERA as applicable. * The club house, Swimming pool, Tennis court, Basketball court, skating ring, Kids Zone, gathering space etc. shall be completed along with the construction of remaining towers i.e., 1,2,9,13 and 14 within 48 months from the Handover Date. * A responsible officer of GNIDA would participate in the meeting of the Monitoring Committee and will keep eyes on the accounts of the corporate debtor and if the profit made by corporate debtor would be more than 10 percent of the fair value, then the GNIDA would be entitled to the difference of the amount of admitted claim and the amount provided to be paid to it in terms of the plan.
