# In the matter of KATRA REALTORS PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01647. 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-01647
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/katra-realtors-private-limited-cb12eabc

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Katra Realtors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). Katra Realtors Private Limited is a corporate guarantor for a loan taken by Ansal Properties and Infrastructure Limited (APIL).

## Facts

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

Katra Realtors Private Limited is a corporate guarantor for a loan taken by Ansal Properties and Infrastructure Limited (APIL).

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

A deed of guarantee was executed by Katra Realtors 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 agreed payment schedule.

The Corporate Debtor defaulted in making payment of the outstanding amount of Rs. 23,07,38,282/-.

…

## Issues and analysis

### Issue 1: Whether the petition falls within …

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

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**Reasoning:** The Adjudicating Authority relied on the judgment of the Hon'ble Supreme Court of India

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**Interpretation:** The initiation of CIRP against the Principal Borrower does not bar initiation

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**Application:** The Adjudicating Authority concluded that the petition filed against the

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## Parties

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

## Timeline

- **16.02.2016 — Sanction…**: Sanction letter bearing no. D/OTL/16/89 was issued for a term loan facility of…
- **18.03.2016 — Loan Agreement and…**: Loan agreement and deed of…

## 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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