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The National Company Law Tribunal has admitted Katra Realtors-an affiliate of Ansal Properties and Infrastructure (Ansal API)-into insolvency proceedings following a plea by IL&FS Financial Services. Katra Realtors had provided an unconditional corporate guarantee for a loan Ansal API borrowed in 2016. After Ansal API defaulted in 2017, IL&FS recalled the loan in 2019 and invoked the guarantee, later renewing its demand in 2024. While Ansal API's liabilities exceed INR 571 crore, the guarantee claim on Katra Realtors is around INR 23 crore. An interim resolution professional has been appointed as Ansal API continues to face liquidity pressures and project delays.
The National Company Law Tribunal (NCLT) has admitted Katra Realtors, a corporate affiliate of Ansal Properties and Infrastructure (Ansal API) into the corporate insolvency resolution process. This step follows an application from IL&FS Financial Services Ltd., which had invoked the guarantee provided by Katra Realtors for Ansal API's debt obligations. An interim resolution professional has been appointed to oversee the insolvency process and manage the company's affairs during the resolution period. Advertisement
Katra Realtors had acted as an unconditional and irrevocable corporate guarantor for a loan taken by Ansal API from IL&FS. The original loan agreement dates back to March 2016, when Ansal API borrowed funds under this arrangement. Ansal API defaulted on its repayment obligations in November 2017, prompting IL&FS to escalate the matter in the following years. The lender recalled the entire loan facility in 2019, demanding repayment from both Ansal API and its guarantors, including Katra Realtors. In 2021, IL&FS had briefly pursued a settlement application but later withdrew it, before renewing the demand in 2024, leading to the current insolvency proceedings.
Ansal API's total outstanding liabilities were over INR 571 crore, while the guarantee invoked by IL&FS against Katra Realtors was around INR 23 crore. This development comes amid broader financial challenges faced by Ansal API, which has seen multiple projects delayed over the past few years due to liquidity constraints.
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