NCLT nod to Ansal Fernhill: ₹300 crore restart

Why the NCLT order matters for Fernhill buyers

After years of uncertainty, the stalled Ansal Fernhill residential project in Sector 91, Gurugram has moved a step closer to completion. The National Company Law Tribunal (NCLT) approved a resolution plan sized at ₹300 crore, a decision that is expected to allow construction to restart from next week. The development is significant for around 600 homebuyers who booked homes in the project back in 2011. The delays were tied to insolvency proceedings and prolonged legal disputes connected to the project site and the resolution process. With the tribunal’s approval in place, the project now has a defined route to resume work under a new management structure.

What exactly the NCLT approved

The tribunal approved a ₹300 crore resolution plan for the Ansal Fernhill project, providing formal backing for the plan proposed by the Successful Resolution Applicant (SRA), Krish Infrastructure Private Limited (KIPL). As per the order, the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) will cease immediately. This is a key procedural change because the moratorium typically pauses actions and enforcement while insolvency proceedings are underway. With the moratorium lifted, the path is clearer for on-ground activity such as construction mobilisation and vendor engagement to restart. The approval also signals closure on a crucial stage of the Corporate Insolvency Resolution Process (CIRP), at least for the plan framework.

July orders: rejection of co-developer claims

Beyond approving the plan, the NCLT also addressed objections raised by co-developer Samyak Projects Private Limited. In a subsequent order dated July 24, the tribunal rejected Samyak’s claims and directed it to hand over peaceful possession of the site. The order also instructed the co-developer to stop obstructing the resolution process. The NCLT recorded strong observations on Samyak’s repeated legal challenges, calling them “vexatious” and describing the approach as “a sort of jugglery with the process.” These directions matter because possession and site control are practical prerequisites for restarting construction after a long stall.

How the resolution plan restructures the project

Under the approved resolution plan, the Fernhill project will be de-merged into a fresh corporate entity. This new entity will be fully taken over and managed by Krish Infrastructure, the SRA. A demerger structure is typically used to ring-fence a project and separate it from broader corporate stress, allowing the resolution applicant to execute construction and handover with clearer operational control. In this case, the article details that the new entity will be managed by KIPL, aligning execution responsibility with the party that proposed the resolution plan.

What the amended plan offers to decree-holding homebuyers

The plan was amended by KIPL as per an NCLT order to address specific categories of homebuyers. The amendment provides options for homebuyers who hold valid decrees or orders from authorities such as RERA or consumer courts. These decree-holding allottees can either retain their unit or opt for a refund of the principal amount plus interest. The explicit inclusion of choices for this group is positioned as a way to simplify how such claims are settled during execution. While the article does not provide the interest rate or timelines, it clearly states that these options are part of the amended plan.

CoC meetings and CIRP costs: what was approved

Parallel to the tribunal-driven milestones, the Committee of Creditors (CoC) meetings discussed and ratified CIRP-related expenses. The Fernhill project was noted as being in its 54th CoC meeting, where CIRP expenses for May to June 2026 were ratified at ₹0.0040603 crore, and an estimated budget of ₹0.0725005 crore was approved for July 2026. Earlier, the 53rd CoC meeting held on June 15, 2026 recorded that expenses were approved with 100% votes in favour. Another disclosure cited administrative and miscellaneous expenses of ₹0.006106941 crore incurred between March 16, 2026 and May 10, 2026, while also noting that legal matters were still affecting progress.

Legal overhang: pending applications and earlier constraints

The project’s resolution path has been shaped by ongoing litigation. One update noted 19 Interlocutory Applications (IAs) pending before the NCLT, including proceedings related to transactions with Samyak Projects Pvt. Ltd. and challenges to the proposed resolution plan. Another update mentioned 18 ongoing legal matters before the NCLT Delhi Bench hampering progress. The broader insolvency timeline in the article includes CIRP commencement on November 16, 2022 by NCLT order, followed by an NCLAT order dated January 13, 2023 restricting CIRP scope to the Fernhill project. A later NCLAT order dated January 7, 2026 confined CIRP to Lucknow and Rajasthan projects under Resolution Professional Navneet Kumar Gupta, indicating a shifting scope across group projects during the process.

Market check: Ansal Properties shares in live trade

The article also captured a live market snapshot for Ansal Properties & Infrastructure Limited. As of 1:02 PM, the shares were down 1.82% and were trading at ₹3.23. This price movement is a data point rather than a conclusion about market direction, but it shows that the stock did not immediately reflect the tribunal development in positive price action at that moment.

Key facts at a glance

Insolvency-cost approvals mentioned in disclosures

What to watch next

With the resolution plan approved and the moratorium under Section 14 of the IBC set to cease immediately, execution shifts to practical steps such as site possession compliance, mobilisation, and construction scheduling. The tribunal’s direction to the co-developer to hand over peaceful possession and stop obstruction is central to whether work can proceed smoothly. Homebuyers with decrees or orders also have defined options under the amended plan, which may shape claim settlements during implementation.

Conclusion

The NCLT’s approval of the ₹300 crore resolution plan marks a decisive legal and procedural step for restarting the long-stalled Ansal Fernhill project in Gurugram. The July orders rejecting co-developer claims and lifting the moratorium remove major barriers that had held up progress. The next milestones will be tied to site handover compliance and the pace at which construction resumes from next week under Krish Infrastructure’s management.