The National Company Law Tribunal (NCLT), New Delhi Bench, has admitted an insolvency petition filed by IDBI Trusteeship Services Private Limited against ATS Infrabuild Private Limited for a default of Rs. 5 crore. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
Background of the Case
IDBI Trusteeship, acting as the debenture trustee for ASK Wealth Advisors Private Limited, initiated the Corporate Insolvency Resolution Process (CIRP) against ATS Infrabuild, a real estate developer. The dispute arose over the non-payment of dues related to 50 non-convertible debentures (NCDs) worth Rs. 5 crore issued by ATS Infrabuild for the development of a real estate project named ‘Casa…
