NCLT Approves ₹187.45 Crore Resolution Plan for Greater Noida’s ANS Apartments

Greater Noida: The National Company Law Tribunal (NCLT), New Delhi Bench, has approved Goldstar Realtors Ltd.’s ₹187.45 crore resolution plan for ANS Apartments Pvt. Ltd., a group housing developer based in Greater Noida.

The order was pronounced on June 9, 2026, bringing an end to a corporate insolvency resolution process that had continued for more than six years. The decision is significant because it clears the path for the long-delayed residential project to be completed and provides relief to hundreds of homebuyers awaiting possession.

Under the approved plan, Goldstar Realtors will generate a total realizable value of ₹175.07 crore against admitted claims of ₹319.73 crore, resulting in an overall recovery of around 54.75%. The plan also includes a fresh capital infusion of ₹7.50 crore along with payment of ₹4.89 crore towards insolvency resolution costs.

Homebuyers, who represented the largest class of creditors with admitted claims of ₹107.28 crore, will receive their flats instead of cash compensation. Goldstar Realtors has committed to complete the pending construction and hand over apartments within 18 months from the effective date, with an additional six-month grace period if required.

The Greater Noida Industrial Development Authority (GNIDA), recognized as an operational creditor, had admitted claims of ₹127.85 crore. Under the approved resolution plan, it will receive ₹67.50 crore, including ₹27.50 crore in cash paid over five installments and ₹40 crore through redeemable preference shares.

The two-member NCLT bench comprising Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi approved the resolution professional’s application after examining the revised proposal. The tribunal also dismissed objections raised by GNIDA, observing that the treatment provided to the authority under the resolution plan exceeded the minimum protection available under the Insolvency and Bankruptcy Code (IBC).

The bench further stated that courts cannot interfere with the commercial decisions taken by the Committee of Creditors (CoC), relying on established Supreme Court judgments that uphold the CoC’s commercial wisdom during insolvency proceedings.

The approval marks a major breakthrough for homebuyers whose investments had remained locked for years due to the stalled project. Employee dues will be paid in full, while other operational creditors will receive payments as provided under the approved plan. The revised valuation conducted during the insolvency process significantly reduced the company’s fair value and liquidation value, making the approved resolution financially stronger when compared to liquidation.

The decision also removes the moratorium imposed during insolvency proceedings, allowing the implementation of the resolution plan to move forward.

Goldstar Realtors will now begin executing the approved resolution plan. A three-member monitoring committee will supervise its implementation until completion. The company has been directed to complete the project within the prescribed timeline and hand over apartments to eligible homebuyers.

The NCLT also clarified that any regulatory approvals or concessions required during implementation must be obtained from the respective authorities instead of being automatically granted through the tribunal’s order. If the project progresses as scheduled, affected homebuyers can expect possession of their homes within the next 18 months, subject to the terms of the approved resolution plan.

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