# In the matter of KAVERI REALTORS PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01656. 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-01656
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/kaveri-realtors-private-limited-68defb2a

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kaveri Realtors Private Limited, the Corporate Debtor, who acted as a corporate guarantor for Ansal Properties and Infrastructure Limited (APIL). APIL defaulted on loan facilities, leading to the invocation of the guarantee.

## Facts

IL&FS Financial Services Limited (Financial Creditor/Applicant) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Kaveri Realtors Private Limited (Corporate Debtor/Respondent).

Kaveri Realtors Private Limited acted as a corporate guarantor for Ansal Properties and Infrastructure Limited (APIL), the Principal Borrower.

APIL was granted term loan facilities of Rs. 50,00,00,000/- and Rs. 100,00,00,000/- by the Applicant.

The Corporate Debtor executed guarantee deeds in favor of the Applicant to secure the repayment of the loan facilities granted to APIL.

APIL defaulted on the loan facilities, leading to the Applicant classifying its account as a Non-Performing Asset (NPA) on 29.09.2018.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor is in default of a …

**Ratio:** Yes, the Corporate Debtor is in

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**Reasoning:** The Corporate Debtor provided guarantees for the loan facilities extended to APIL. APIL

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**Interpretation:** The guarantee deeds constitute a financial debt, and the failure to honor the

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**Application:** The Adjudicating Authority found that the Corporate Debtor was in default of a

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## Parties

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

## Timeline

- **2016-02-16 — Sanction Le…**: Applicant granted a term loan…
- **2016-03-18 — Loan Agreement I and…**: Loan agreement and…

## 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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