# In the matter of Gagan Tandon & Ors. vs. IL & FS Financial Services Ltd. & Ors.

> NCLAT judgment dated 2026-01-07. Citation: TCN-2026-NCLAT-00018. These two appeals were filed against the order dated 25.02.2025 passed by NCLT, New Delhi,…

- **Court:** NCLAT
- **Order date:** 7 Jan 2026
- **Citation:** TCN-2026-NCLAT-00018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gagan-tandon-ors-vs-il-fs-financial-services-ltd-ors-747b14f0

## Summary

### Background

These two appeals were filed against the order dated 25.02.2025 passed by NCLT, New Delhi, Court-IV admitting Section 7 application filed by IL&FS Financial Services Ltd. against Ansal Properties and Infrastructure Limited. Company Appeal (AT) (Ins.) No.502 of 2025 has been filed by Pranav Ansal, the Suspended Director of the Corporate Debtor. Company Appeal (AT) (Ins.) No.500 of 2025 has been filed by Gagan Tandon and Ors., Homebuyers of the “Sushant Golf City", Lucknow Project.

## Facts

NCLT admitted Section 7 application filed by IL&FS against Ansal Properties and Infrastructure Limited on 25.02.2025.

Pranav Ansal, the Suspended Director of the Corporate Debtor, filed Company Appeal (AT) (Ins.) No.502 of 2025.

Gagan Tandon and Ors., Homebuyers of the “Sushant Golf City", Lucknow Project, filed Company Appeal (AT) (Ins.) No.500 of 2025.

The State of Uttar Pradesh announced a policy to promote private sector participation in developing Hi-tech Townships.

A Memorandum of Understanding (MoU) was entered between the State of UP through the Lucknow Development Authority (“LDA”) and M/s Ansal Properties and Infrastructure Limited.

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## Issues and analysis

### Issue 1: Whether the IL&FS has brought sufficient materials to prove that corporate debtor has committed …

**Ratio:** The adjudicating authority has rightly admitted the Section 7 application, there being

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**Reasoning:** The corporate debtor did not dispute the default in repayment of the loan. The

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**Interpretation:** The essential requirement for an application under Section 7 is that the

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**Application:** The IL&FS (Financial Creditor) has brought sufficient material to prove

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Gagan Tandon &…; Pranav…
- **Respondents:** Ansal Properties…; IL & FS Financial…; +1 more
- **Other parties:** IL & FS Financial…; Arbind Kumar…; +2 more
- **Advocates:** M.P. S…; Yaman V…; +36 more

## Timeline

- **25.02.2025 — Order Da…**: Order passed by NCLT, New Delhi, Court-IV admitting Section 7 application filed by IL&FS…
- **26.03.2025 — Hearing…**: Hearing of the appeals, leave sought to file Intervention Applications by LDA and other…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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