# In the matter of Ansal Properties and Infrastructure Limited

> NCLT judgment dated 2023-09-18. Citation: TCN-2023-NCLT-01564. Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Sept 2023
- **Citation:** TCN-2023-NCLT-01564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ansal-properties-and-infrastructure-limited-eb59c35f

## Summary

### Background

Indian Bank 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 bank claimed a default amount of Rs. 2,01,78,08,222.25 along with interest. The Respondent, Ansal Properties and Infrastructure Limited, is a company incorporated on 30.06.1967. The bank had sanctioned a term loan of Rs. 150 Crore to the Respondent on 10.09.2013 for the Serene Residency Group Housing Project at Sector ETA II, Greater Noida.

## Facts

Indian Bank, the Applicant/Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ansal Properties and Infrastructure Limited, the Respondent. The Applicant seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Respondent due to a default amount of Rs. 2,01,78,08,222.25 along with interest. The Respondent is a company incorporated on 30.06.1967. The Applicant had sanctioned a term loan of Rs. 150 Crore to the Respondent on 10.09.2013 for the Serene Residency Group Housing Project at Sector ETA II, Greater Noida. The Adjudicating Authority is aware of a prior CIRP against the Respondent and a moratorium under Section 14 of the Code. The NCLAT has confined the Section 7 application to the

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## Issues and analysis

### Issue 1: Whether there is any agreement between the bank and the Corporate Debtor to permit the latter to …

**Ratio:** The principle of specific performance of contracts and the fiduciary duty of borrowers to

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**Reasoning:** The court seeks to determine if the funds were specifically earmarked for the Serene

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**Interpretation:** This involves interpreting the loan agreement and any related documents to

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**Application:** If the agreement specifies that the funds were solely for the Serene Residency

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** Indian…
- **Respondents:** M/s. Ansal…

## Timeline

- **1967-06-30 — Company Incor…**: Ansal Properties and…
- **2013-09-10 — Loan Sanc…**: Indian Bank sanctioned a Term Loan of Rs.150 Crore to Ansal Properties and Infrastructure…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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