NCLT dismisses Indian Bank’s insolvency plea against Mantri Developers – CNBC TV18

The National Company Law Tribunal (NCLT) in Bengaluru on Tuesday (December 10) dismissed an insolvency petition filed by Indian Bank against Mantri Developers, a major real estate company with various residential projects and malls in Bengaluru, reported Bar and Bench.

The petition, filed in 2022, was based on an alleged default of ₹153 crore by Mantri Developers. The NCLT bench, consisting of Judicial Member K. Biswal and Technical Member Manoj Kumar Dubey, passed the order rejecting the insolvency application.

Also Read: NCLT appoints Satish Kumar Gupta as the liquidator for Jet Airways

Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 after a petition filed by India Bulls, alleging a default of over ₹500 crore, Bar and Bench said.

Following this, the NCLT disposed of a plea by the Indian Bank, allowing it to intervene in the CIRP initiated by India Bulls. However, Mantri Developers later reached a settlement with India Bulls, leading to the withdrawal of the petition.

Also Read: BCCI moves NCLT for settlement approval in Byju’s insolvency case

Mantri Developers, established in 1999 by Sushil Mantri, is a prominent real estate company headquartered in Bengaluru. It has a presence across major cities like Bengaluru, Chennai, Pune, and Hyderabad. The company claims to have completed a portfolio of 23 completed projects covering 10 million square feet, Bar and Bench reported.