# In the matter of ELITIST REALTORS PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01648. IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Nov 2025
- **Citation:** TCN-2025-NCLT-01648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/elitist-realtors-private-limited-243ce529

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Elitist Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a default on a financial debt guaranteed by Elitist Realtors for a loan facility extended to Ansal Properties and Infrastructure Limited (APIL).

## Facts

IL&FS Financial Services Limited extended a term loan facility of Rs. 100,00,00,000/- to Ansal Properties and Infrastructure Limited (APIL).

Elitist Realtors Private Limited executed a deed of guarantee dated 23.03.2017 in favor of IL&FS Financial Services Limited, guaranteeing the repayment of the loan amount.

APIL defaulted on the loan repayment, leading IL&FS Financial Services Limited to issue a notice dated 17.10.2017.

IL&FS Financial Services Limited classified APIL's account as a Non-Performing Asset (NPA) on 29.09.2018.

IL&FS Financial Services Limited issued a recall notice on 26.03.2019, recalling the entire facilities sanctioned to APIL and demanding payment of Rs. 124,49,70,295.56/-.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Elitist Realtors …

**Ratio:** The obligation of a guarantor is co-extensive with that of the principal borrower, as per

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**Reasoning:** The Corporate Debtor executed a deed of guarantee, and APIL defaulted on the loan

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**Interpretation:** The existence of a financial debt and a default by the Corporate Debtor is

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**Application:** The Corporate Debtor is in default of a financial debt, as it failed to honor

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** IL & FS Financial…
- **Respondents:** ELITIST REALTORS…
- **Other parties:** Chandar P…
- **Advocates:** Gopal…; Satendra Ku…; +1 more

## Timeline

- **2016-10-26 — Sanction…**: IL&FS Financial Services Limited issued a sanction letter bearing no. DEL/OTL/17/100 for…
- **2016-11-25 — Loan Agre…**: Loan agreement was executed between IL&FS…

## 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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