Mumbai: NCLT Admits Insolvency Plea Against Matoshree Infrastructure Over Claimed ₹209.72-Crore Default

Mumbai, August 10, 2026: The National Company Law Tribunal (NCLT), Mumbai, has admitted insolvency proceedings against Dadar-based real estate company Matoshree Infrastructure Pvt Ltd over a claimed financial default of Rs 209.72 crore, thereby initiating the Corporate Insolvency Resolution Process (CIRP).

A bench comprising Nilesh Sharma, Member (Judicial), and Sameer Kakar, Member (Technical), passed the order while allowing a petition filed by Omkara Assets Reconstruction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The financial creditor had claimed that Rs 209.72 crore was due and in default as of February 24, 2025.

Loans Linked To Redevelopment Project

The dispute arose from construction finance facilities originally sanctioned by HDFC for the redevelopment project "Matoshree Nisarg" at Mulund East. Three facilities sanctioned between 2013 and 2017 aggregated to Rs 95 crore, while another facility of Rs 16.51 crore was sanctioned in December 2020. Of the latter, Rs 14.23 crore was eventually disbursed in tranches.

Letters of Guarantee in the case were executed by Ashutosh Gunwant Abhayankar, Rajan Ganesh Shirodkar and Vijay Chintan Yeol on December 18, 2013.

The three men were recently in the news after the Economic Offences Wing (EOW) of the Mumbai Police booked five directors of a realty firm and their partners in November 2024 for allegedly cheating a Bandra-based builder of Rs 52 crore.

Defaults Continued Despite Notices

According to the tribunal, the first three loan accounts were classified as non-performing assets (NPAs) on March 31, 2019. HDFC subsequently issued a demand notice seeking payment of Rs 4.14 crore. Matoshree Infrastructure responded that it was facing cash-flow constraints and assured the lender that the accounts would be regularised.

However, the defaults continued. HDFC issued a further default notice in September 2021, followed by a recall notice and a demand notice under the SARFAESI Act in December 2022, seeking Rs 145.99 crore. The company failed to clear the outstanding dues.

HDFC subsequently assigned its rights in the loan facilities to Omkara Assets Reconstruction in March 2023, following which the ARC approached the NCLT under Section 7 of the IBC.

NCLT Finds Debt In Default

The tribunal noted that Matoshree Infrastructure had not disputed the disbursement of the loan amounts, execution of the security documents or its failure to repay the debt. It also observed that the company’s balance sheets and other financial records continued to acknowledge its liability towards the lender.

"In our view, there exists a debt which is in default and the said debt is within limitation and exceeds the threshold prescribed under Section 4 of IBC, 2016," the bench observed.

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The NCLT further clarified that it had not determined or "crystallised" the exact amount payable under the claim. The outstanding amount will be collated and determined during the insolvency process by the Interim Resolution Professional (IRP).

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