The new bench of the National Company Law Tribunal (NCLT) has admitted Katra Realtors under the corporate insolvency resolution process (CIRP) following an application filed by IL&FS Financial Services Ltd.
Delhi-based Katra Realtors was a corporate guarantor to listed real estate developer Ansal Properties and Infrastructure (Ansal API), which is also currently undergoing an insolvency resolution process.
Ansal API has admitted liabilities of more than Rs 571 crore, while IL&FS Financial Services had approached the tribunal against Katra Realtors for its corporate guarantee towards Ansal API of about Rs 23 crore.
The division bench of judicial member Manni Sankariah Shanmuga Sundaram and technical member Atul Chaturvedi observed in its…