The National Company Law Tribunal (NCLT) has admitted real estate firm Ansal Properties & Infrastructure Ltd (Ansal API) into insolvency proceedings following a petition filed by a financial creditor. The decision comes amid allegations of default on loans amounting to hundreds of crores.
Ansal API, a well-known name in the real estate sector, has been facing financial distress for some time. Despite the company acknowledging certain dues, there were disputes over the exact amount owed. However, the NCLT ruled in favor of proceeding with the insolvency case, appointing an interim resolution professional to oversee the restructuring process.
This move marks a critical phase for Ansal API as the company navigates financial difficulties. It also signals an increasing trend where creditors are taking legal action to recover outstanding dues from struggling real estate firms.
