# In the matter of GHARONDHA REALTORS PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01655. 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-01655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/gharondha-realtors-private-limited-1eb01eaf

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gharondha Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition pertains to a default on a financial debt where Gharondha Realtors acted as a corporate guarantor for Ansal Properties and Infrastructure Limited (APIL).

## Facts

IL&FS Financial Services Limited extended credit facilities to Ansal Properties and Infrastructure Limited (APIL) amounting to Rs. 100,00,00,000/-.

Gharondha Realtors Private Limited executed a deed of guarantee dated 23.03.2017 in favor of IL&FS Financial Services Limited to secure the repayment of the loan amount.

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

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

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

IL&FS filed a petition under Section 7 of the IBC against APIL, which was later withdrawn with liberty to revive.

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## Issues and analysis

### Issue 1: Whether the petition filed by IL&FS Financial Services Limited under Section 7 of the …

**Ratio:** The petition is maintainable if the requirements of Section 7 of the IBC are met,

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**Reasoning:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Interpretation:** The Adjudicating Authority must be satisfied that a financial debt exists and

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**Application:** In this case, IL&FS Financial Services Limited, being the financial

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## Parties

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

## Timeline

- **2016-10-26 — Sanction…**: IL&FS Financial Services Limited issued a sanction letter for a term loan facility of…
- **2016-11-25 — Loan Agre…**: Loan agreement executed…

## 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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