# In the matter of SATLUJ REAL ESTATES PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01646. 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-01646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/satluj-real-estates-private-limited-0e4f20fe

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satluj Real Estates Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition is based on the Corporate Debtor's failure to pay a debt of Rs. 257,43,12,692/- as a guarantor to the principal borrower, Ansal Properties and Infrastructure Limited (APIL).

## Facts

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Satluj Real Estates Private Limited.

The petition pertains to a financial debt of Rs. 257,43,12,692/-.

Satluj Real Estates Private Limited acted as a corporate guarantor for loans extended to Ansal Properties and Infrastructure Limited (APIL).

APIL defaulted on its repayment obligations, leading to the invocation of the guarantee.

IL&FS Financial Services Limited had previously filed a petition against APIL, which was withdrawn after a settlement agreement was reached.

APIL failed to adhere to the terms of the settlement agreement, leading to the current petition against the corporate guarantor.

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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:** Yes, the petition is

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**Reasoning:** The Adjudicating Authority relied on the Hon'ble Supreme Court's decision in BRS Ventures

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**Interpretation:** The judgment clarifies that the initiation of CIRP against the principal

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**Application:** The principle was applied to the present case, allowing the petition against

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## Parties

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

## Timeline

- **2016-02-16 — Sanction Le…**: Applicant granted a term loan facility of Rs.50,00,00,000/- to APIL vide its sanction…
- **2016-03-18 — Loan Agree…**: Loan agreement executed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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