The National Company Law Tribunal, the Bengaluru bench in the case M/s. Indiabulls Housing Finance Limited v M/s. Mantri Developers Pvt. Ltd, wherein the bench comprising of Judicial Member, Shri T. Krishnavalli and the Technical Member, Shri Manoj Kumar Dubey observed while adjudicating the plea filed and has initiated the Corporate Insolvency Resolution Process, CIRP against Mantri Developers Pvt. Ltd. The bench appointed Mr. Ahsan Ahmad as the Interim Resolution Professional.
Facts of the Case:
The Corporate Debtor, Mantri Developers Pvt. Ltd who being Mr. Sushil Mantri promoted company and the same being a part of Mantri Group of Companies. Therefore, Mantri Developers Pvt. Ltd is engaged in the business of real estate development and the Corporate Debtor has various residential, hospitality and the retail projects in Bengaluru, Pune, Hyderabad and Chennai.
Further, Mantri Developers Pvt. Ltd approached the Financial Creditor, Indiabulls Housing Finance Limited for availing the loan facility for development and execution of Projects, mainly ‘Mantri Centrium’ and ‘Mantri Webcity’. Thus, the loan has been sanctioned by the Financial Creditor to the Corporate Debtor aggregating to an amount of Rs.579,20,00,290/-. The default is made in the payment by the Corporate Debtor in repayment of the loan facilities since the project timelines were affected due to various reasons.
The plea has been filed by the Financial Creditor under Section 7 of Insolvency and Bankruptcy Code, 2016, wherein seeking to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, over a default for an amount of Rs. 456,68,73,538/-.
Accordingly, the NCLT bench observed that it has been proved by the Financial Creditor the existence of debt and default made and the default is evidently above the minimum threshold for an amount of Rs. 1 Crore. The bench initiated CIRP against the Corporate Debtor and has admitted the petition filed under Section 7 of IBC. Thus, the bench appointed Mr. Ahsan Ahmad as the Interim Resolution Professional.
