Mumbai

IL & FS Financial Services Limited filed a commercial summary suit to recover a sum of Rs. 203,66,31,506/- arising out of term loan facilities availed by Serveall Constructions Private Limited (defendant no. 1) and guaranteed by defendants nos. 2 to 4.

Several writ petitions were filed challenging the jurisdiction of the Debt Recovery Tribunal (DRT) to entertain insolvency applications, particularly in light of the Insolvency and Bankruptcy Code (IBC) and the Supreme Court's decision in Lalit Kumar Jain vs. Union of India.