Ansal Phalak Infrastructure has transferred 89.43 acres land parcel under Versali Projects situated in Gurugram to Ansal API, the company said in a BSE filing.
“Business transfer agreement has been executed for transfer of business undertaking of Versalia Projects of Ansal Phalak on a slump sale basis comprising of land admeasuring 38.262 acres and land admeasuring 51.16 acres in village Badshahpur, Gurugram to Ansal API, the company said in the regulatory filing.
The agreement has been executed for a consideration which will be paid by the company by way of transfer of
unsold units at Versalia Projects and at other projects to Ansal Phalak.
In January 2020, Sole Arbitrator Justice K.S. Gupta (Retd.) has ordered Arbitral Award in relation to the dispute arisen between the shareholders and investors of Ansal Phalak.
Post which Ansal Phalak Infrastructure ceased to become subsidiary of Ansal API with effect from March 31, 2020 upon the conversion of its compulsorily convertible debentures owned by foreign entity into the equity shares of Ansal Phalak in terms of the said Arbitral Award and pursuant to other compliances mentioned in it.