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Informist, Thursday, Aug 29, 2024

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal has admitted personal insolvency petitions against real estate tycoon Sushil Ansal and his son Pranav Ansal, vice-chairman and managing director at Ansal Properties and Infrastructure Ltd. The tribunal was hearing petitions by Indian Bank against the father-son duo for being the personal guarantors to Ansal API Infrastructure Ltd. The bank had claimed an outstanding default amount of 768.24 mln rupees.

 

The tribunal said that moratorium against the two under Section 96 of the Insolvency and Bankruptcy Code, 2016 shall cease and a fresh moratorium would begin in terms of Section 101. "The resolution professional is directed to cause a public notice to be published within 7 days of uploading this order on the website of this adjudicating authority for inviting claims from all creditors, who shall register their claims as provided under Section 103 of IBC within 21 days of such issuance," said the tribunal.

 

The tribunal asked the resolution professional of Sushil Ansal and Pranav Ansal to prepare a list of creditors. "The Debtor shall prepare a repayment plan in consultation with the resolution professional as provided under Section 105 of IBC which shall include the provisions for payment of fee to the Resolution Professional," said the tribunal.

 

In 2017, the bank had classified the loan to Ansal API Infra as a non-performing asset. Subsequently, the loan was recalled by the bank by issuing demand notices to Sushil Ansal and Pranav Ansal under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudication Authority for Insolvency Resolution Process of Personal Guarantors to the Corporate Debtor) Rules, 2019. The father-son duo said that the claim of the bank was barred by limitation and demand notice was premature. However, the tribunal rejected Sushil Ansal's and Pranav Ansal's contention.

 

Today, the shares of Ansal Properties and Infrastructure Ltd closed 0.5% higher at 9.98 rupees on the National Stock Exchange, while those of Indian Bank closed 1.1% lower at 561.50 rupees.  End 

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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