NCLT admits insolvency plea against Ansal Properties’ promoter, ET RealEstate

December 22, 2023
1 min read
nclt admits insolvency plea against ansal properties promoter

National company law tribunal (NCLT) has admitted a personal insolvency application filed by Indian Bank against realtor Pranav Ansal, the promoter of Ansal Properties and Infrastructure, as per the contents of a court order.

NCLT’s has directed the appointment of Roshan Lal Jain as the resolution professional to verify the claims made by Indian Bank against Ansal. Indian Bank has claimed that Ansal has defaulted on dues of ₹76 crore for which payment was personally guaranteed by him.

After the NCLT accepts a personal insolvency application against an individual, the assets of that individual are as good as frozen as no sale or disposal is permitted.

Indian Bank has also filed an insolvency application against a group company of Ansal Properties and Infrastructure called Serene Residency Group Housing Project, ET had reported on 30 October. That petition has been admitted.

  • Published On Dec 22, 2023 at 08:48 AM IST

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