National company law tribunal (NCLT) has admitted Ansal Properties and Infrastructure (Ansal API) into insolvency proceedings after the company was unable to defend itself against a petition filed by IL&FS Financial services, as per a court order on Tuesday.
IL&FS Financial Services has claimed that the listed Ansal API has failed to honour loans of Rs. 257 crore. It also claimed that Ansal API had entered into a settlement with it in 2022 but was not able to meet the terms of that settlement.
“The Corporate Debtor does not dispute the existence of the debt but challenges the exact amount, suggesting that the debt owed is Rs. 83 crores rather than the claimed Rs. 257.43 crores. However, this dispute over quantum does not affect the application’s admissibility at this stage,” NCLT noted in its ruling.
It admitted IL&FS’s petition on the grounds that the debt exceeded the statutory threshold of Rs. 1 crore which is mandated by the insolvency and bankruptcy code.
“The Corporate Debtor’s acknowledgment of the debt and its default in payment satisfy the requirement under Section 7 of the IBC.’ NCLT ruled.
The tribunal appointed Navneet Kumar Gupta as the company’s interim resolution professional.
The court directed police authorities to render all possible assistance to the interim resolution professional to take full charge of Ansal API’s assets and documents without any delay whatsoever.
