A complaint filed by Indiabulls Housing Finance under Section 7 of the IBC alleges that Mantri has defaulted on more than 450 crore rupees. The NCLT has acknowledged the complaint.The Bench accepted the petition under Section 7 of the IBC and started CIRP against the Corporate Debtor as a result. The Interim Resolution Professional (IRP) has been given the title of Mr. Ahsan Ahmad.
In response to request from Indiabulls Housing Finance Ltd.’s plea, the NCLT has instructed Mantri Developers to begin insolvency proceedings. A two-person bench has been setup and the company’s board of directors was also suspended and Ahsan Ahmed was appointed as the company’s temporary expert.
In its response, the real estate company claimed that despite its continued efforts to complete the project on time, it was unable to do so because the IHFL was unable to pay the loan amount on time. bottom.
In light of the facts and circumstances… this petition is complete and establishes the non-payment of the financial debt and the non-payment in excess of one million rupees. Defendant – Mantri Developers. Private Ltd is in accordance with Article 7 of the I&B Code of 2016,” NCLT said in a statement.
The NCLT Board of Directors, composed of Manoj Kumar Dubey and T. Krishnavalli, in an Order dated March 28, 2023, issued a moratorium under the Insolvency and Bankruptcy Code (IBC) to protect against any claim, judgment, court order or sale. Transfer of assets during the CIRP period.
IHFL has approved 5 loans and the total amount spent is Rs 574.20 crores.
But,Mantri Developers did not fulfill the terms of the loan agreement. Accordingly, the financial sector issued five separate notices for each loan account on June 29, 2021,the Debtor Company (CD) nor its co-borrowers were due for payment, and IHFL subsequently replaced NCLT under Section 7 of the I&B Code
It also argued that the company had sufficient assets and funds to pay off its debts, so that it could not be liquidated temporarily only in the case of unscrupulous creditors and that the debtor companies could not afford it. Because you are responsible for those debts and there is a clear indication. A decision shall follow any decision facilitating such agreement to finally terminate the transaction between the parties.
NCLT denied this, stating:
“However, we are of the reasonable opinion that the above allegations are legally untenable.
Sonali Pradhan, Netaji Subhash University
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