National company law tribunal (NCLT) has admitted a personal insolvency application filed by Indian Bank against realtorPranav Ansal, the promoter of Ansal Properties and Infrastructure, as per the contents of a court order.
NCLT’s has directed the appointment of Roshan Lal Jain as the resolution professional to verify the claims made by Indian Bank against Ansal. Indian Bank has claimed that Ansal has defaulted on dues of 76 crore for which payment was personally guaranteed by him.
After the NCLT accepts a personal insolvency application against an individual, the assets of that individual are as good as frozen as no sale or disposal is permitted.
Indian Bank has also filed an insolvency application against a group company of Ansal Proper…
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