The verses here are speaking about the time of Reckoning. After Allah (swt) has settled the issues among His Servants, they will be in one of these two states:
The first group has (bright faces): Their faces are overflowing with delight. These are the faces of the believers. The believer who had believed in Allah (swt), His Prophet and His Book will recall his belief in the world and all that Allah (swt) has promised him. He will also recall that he had believed in the Day of Judgment – which was really happening at that very moment- and the Paradise which would come after it. Thus, he will laugh and rejoice, knowing that his belief in Allah (swt) and his following of the path of His Prophet (saws) have saved him.