Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 on a petition by India Bulls alleging a default of over ₹500 crores. Owing to this, NCLT had earlier disposed of a plea by the bank, by allowing Indian Bank to intervene in the CIRP process initiated by India Bulls.
However, Mantri Developers subsequently reached a settlement with India Bulls and ultimately got the latter’s plea was withdrawn.
“As a logical corollary, the main CP(IB) No.94/BB/2022 on the file of the ‘Adjudicating Authority’/‘National Company law Tribunal’ Bengaluru Bench is ‘Dismissed'”, the National Company Law Appellate Tribunal (NCLAT) had held in the matter.
This led Indian Bank to move the NCLT again to revive…
