NCLT admits Mantri Developers for insolvency

Mantri Developers, a Bangalore-based real estate company, has been admitted to the insolvency process by the National Company Law Tribunal (NCLT) after it defaulted on dues of over INR456.68 crore ($6.2m). Meanwhile, Ahsan Ahmad has been appointed as the insolvency resolution professional (IRP) to oversee the proceedings of the insolvency resolution. Indiabulls Housing Finance Ltd applied for insolvency as the firm missed its loan obligations on 1st January 2022.

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