M/s IL&FS Financial Services Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited, the corporate debtor. The corporate debtor was incorporated on June 3, 1967, under the Companies Act, 1956. The financial creditor claimed that the corporate debtor failed to pay outstanding dues of Rs. 257,43,12,692, which constitutes a financial debt as defined under Section 5(8) of IBC.

M/s IL&FS Financial Services Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited, the corporate debtor. The corporate debtor was incorporated on June 3, 1967, under the Companies Act, 1956. The financial creditor claimed that the corporate debtor failed to pay outstanding dues of Rs. 257,43,12,692, which constitutes a financial debt as defined under Section 5(8) of IBC.