Delhi HC orders Ansal Properties to maintain status quo

22 Oct 2024 CW Team

The Delhi High Court issued a directive requiring Ansal Properties and Infrastructure Ltd. on Monday to maintain the status quo on all its unencumbered assets. The order was issued in response to a petition filed by Debenture Trustee Vistra ITCL, acting on behalf of the debenture holders. The petition sought to enforce an order from an Arbitral Tribunal, which required Ansal Properties and Infrastructure Ltd. to furnish security amounting to Rs 5.03 billion. The bench of Justice Jasmeet Singh stated that the judgment-debtor, Ansal Properties, and Infrastructure Ltd., must maintain the status quo concerning all unencumbered assets as of today. The court has scheduled the next hearing for January 20, 2025, to further review the case and any developments that may arise. According to the directive, Ansal Properties and Infrastructure Ltd. is prohibited from dealing with its unencumbered assets in any manner starting today. The court's directive aims to ensure compliance with the tribunal's ruling and to safeguard the interests of the debenture holders during the ongoing legal proceedings. Sidhant Kumar, Advocate, represented Vistra ITCL, while AshwKumar Mata, Senior Advocate, appeared on behalf of Ansal Properties and Infrastructure Ltd. during the proceedings. Vistra ITCL had initiated proceedings to recover its dues under a Corporate Guarantee executed by Ansal Properties in its favor. Last year, the Delhi High Court appointed former Supreme Court Judge Justice M.R. Shah as the sole arbitrator in a case involving disputes between Vistra ITCL India Limited and Ansal Properties & Infrastructure Limited (APIL). The dispute centers on a project undertaken by APIL for the development of a group housing project spanning 41.16 acres in Ghaziabad, Uttar Pradesh. This project was executed by Ansal Urban Condominiums Private Limited (AUCPL), the principal borrower in this matter.

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