Ansal Housing posts net loss of Rs 12.78 crore in Q2 FY22

 Ansal Housing has reported a consolidated net loss of Rs 12.78 crore for the quarter ended September 2021. It had recorded net loss of Rs 9.67 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 57.69 crore, a growth of 95 per cent from Rs 29.58 crore it registered in the similar quarter last year.

Dewan P.N. Chopra & Co, the statutory auditors of the company in the limited review report to the statements which describe that IFCI has revoked the restructuring and recalled repayment of outstanding dues amounting Rs 121.73 crore (including default interest) till October 14, 2021. The company has not recognized the default interest cost amounting Rs 1 crore & Rs 90.52 lakh for the quarter ended September 30, 2021 & June 30, 2021 respectively, Rs 1.90 crore for the half year ended September 30, 2021 and Rs 8.05 crore for the year ended March 31, 2021 considering covid-19 and other factors.
The company is in discussion with the lender to resolve the matter in best possible manner, it said in the limited review report.

Ansal Housing has received notice under Sec 13(2) of the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 from Hero Fincorp dated May 17, 2021 demanding full repayment of their outstanding dues of Rs 63.53 lakh. The outstanding liability as per books of accounts as on September 30, 2021 is Rs 36.84 lakh, the company said in the regulatory filing.

The National Company Law Tribunal (NCLT) vide its order dated July 11, 2019 had permitted to pay Rs 75 lakh per month till the end of March 2020 and Rs 1 crore per month till the end of March, 2021. The company has not been able to comply with the said order 1n respect of repayment for the period February, 2020 to September 2021.

Further, company is not able to maintain statutory margin money as liquid assets in the deposit redemption reserve till March, 2021.

However, the NCLT vide its order dated September 23, 2021 granted relaxations: (a) the company needs to release the monthly payment of Rs 40 lakh from September 2021 to March 2022, and, (b) the requ1rement of maintaining the statutory margin money as liquid assets in their liquidation redemption reserve is deferred till March 2022, the company said in the regulatory filing.