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NCLT orders initiating insolvency proceedings against Mantri Developers

Dated on: Friday 31st March 2023

The NCLT has ordered that Mantri Developers, a real estate company with offices in Bangalore, begin bankruptcy proceedings after allowing the claim made by Indiabulls Housing Finance Ltd. A two-member panel has also suspended the Mantri Developers board and named Ahsan Ahmad as the organization's temporary resolution specialist. Mantri Developers, a member of the Mantri Group of Companies operating in the real estate sector in Bengaluru, had been accused of defaulting by Indiabulls Housing Finance Ltd (IHFL), according to a complaint filed with the NCLT's Bengaluru bench by IHFL. As of January 1, 2022.

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