The National Company Law Tribunal (NCLT), New Delhi bench of Shri Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr. Sanjeev Ranjan (Technical Member) has admitted insolvency proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC/ Code) against Ansal Properties and Infrastructure Limited. The Tribunal declared moratorium under section 14 of the Code.
Background Facts
IL&FS Financial Services Limited (Financial Creditor/ Applicant) filed the petition under Section 7 of the Code seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Ansal Properties and Infrastructure Pvt. Ltd (Corporate Debtor/ Respondent). The Corporate Debtor was incorporated on 03.06.1967.
The…
