The Company has informed the stock exchange about order passed by the hon'ble Supreme Court of India dated the 16th April, 2026 regarding the Corporate Insolvency Resolution Process of the Company.
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The Hon'ble Supreme Court of India disposed of Civil Appeals 807-808/2026 filed by IL&FS Financial Services Limited against Pranav Ansal & Ors. The court decided not to interfere with the earlier NCLAT order, meaning the Corporate Insolvency Resolution Process (CIRP) will continue. The erstwhile promoters have undertaken to extend full cooperation in the CIRP proceedings. A writ petition by the Genuine Homebuyers Association for Relief (GHAR) was also disposed of, though homebuyers retain the right to pursue other legal remedies. The CIRP is currently confined to Lucknow and Rajasthan projects, while the Serene Residency project in Greater Noida already has a resolution plan approved by NCLT in October 2025.
The Supreme Court refusing to interfere with the NCLAT order means the insolvency process continues as previously ordered. For shareholders, this confirms the company remains under CIRP with no immediate resolution in sight, though promoter cooperation may help expedite the process.