The National Company Law Tribunal (NCLT) in Bengaluru on Tuesday (December 10) dismissed an insolvency petition filed by Indian Bank against Mantri Developers, a major real estate company with various residential projects and malls in Bengaluru, reported Bar and Bench.
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The petition, filed in 2022, was based on an alleged default of ₹153 crore by Mantri Developers. The NCLT bench, consisting of Judicial Member K. Biswal and Technical Member Manoj Kumar Dubey, passed the order rejecting the insolvency application.
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Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 after a petition filed by…
