# In the matter of KATRA REAL ESTATES PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01652. 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-01652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/katra-real-estates-private-limited-5ce77e52

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Katra Real Estates Private Limited, a corporate guarantor, for defaulting on a financial debt.

## Facts

IL&FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Katra Real Estates Private Limited (Corporate Debtor).

Katra Real Estates Private Limited is a corporate guarantor for Ansal Properties and Infrastructure Limited (APIL).

APIL defaulted on a term loan facility of Rs. 50,00,00,000/- granted by IL&FS Financial Services Limited.

A deed of guarantee was executed by Katra Real Estates Private Limited in favor of IL&FS Financial Services Limited on 18.03.2016.

APIL made settlement proposals to the Applicant, but failed to adhere to the settlement agreement.

IL&FS Financial Services Limited issued a notice of demand to Katra Real Estates Private Limited on 09.09.2024 for Rs. 23,07,38,282/-.

…

## Issues and analysis

### Issue 1: Whether the financial creditor can always file separate applications under Section 7 of the IBC …

**Ratio:** The financial creditor can always file separate applications under Section 7 of the IBC

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**Reasoning:** The court relied on the judgment of the Hon'ble Supreme Court of India in BRS Ventures

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**Interpretation:** This interpretation allows for simultaneous proceedings against both the

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**Application:** The principle was applied to allow the petition against the corporate guarantor

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## Parties

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

## Timeline

- **2016-02-16 — Sanction…**: Applicant granted a term loan facility of Rs.50,00,00,000/- to Ansal Properties and…
- **2016-03-18 — Loan Agreement and…**: Loan agreement was executed, and the Corporate Debtor executed a deed of guarantee in…

## 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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