Tag: Corporate Insolvency Resolution Process (CIRP)

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NCLT Approves Withdrawal of Insolvency for ATS Knightsbridge

NEW DELHI: The National Company Law Tribunal (NCLT) has sanctioned the withdrawal of insolvency proceedings against ATS Knightsbridge, a residential project in Noida, following an agreement with lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC). The insolvency process, initiated by ASK Trusteeship Services under section 7 of the IBC in 2023, was formally dismissed by the NCLT’s New Delhi bench on March 13, 2026. Consequently, the Corporate Insolvency Resolution Process (CIRP), which began in April 2024, has been officially concluded. The project, developed by ATS Heights, is in the advanced stages of construction, with all five towers…

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RBI Report: Creditors Recovered ₹4 Lakh Cr via IBC by Sept 2025

MUMBAI: According to a Reserve Bank report released Wednesday, creditors have recovered ₹4 lakh crore under resolution plans initiated under the Insolvency and Bankruptcy Code (IBC) as of September 30, 2025. Since the introduction of corporate insolvency resolution processes in December 2016, a total of 8,659 Corporate Insolvency Resolution Processes (CIRPs) have been initiated, with 6,761 (or 78.1%) successfully completed by September 30, 2025. The IBC primarily aims to assist corporate debtors (CDs) in distress. During the period from April to September 2025, the code aided 187 CDs, bringing the total number of aided debtors to 3,865 since the IBC’s…

Latest StoriesResidential

Supertech hands over 6,000 flats; 15,000 buyers still waiting

NEW DELHI: Supertech Ltd, a real estate firm facing insolvency issues, has handed over 6,121 apartments to its customers in the past three years across various housing projects, as stated by RK Arora, a former director of the distressed company. This delivery includes units across 16 ongoing projects managed by the previous leadership, under the oversight of a resolution professional appointed by the National Company Law Tribunal (NCLT). On March 25, 2022, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) for Supertech Ltd. The promoters subsequently appealed to the National Company Law Appellate Tribunal (NCLAT). In a ruling from…

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Lodha Developers to Pay ₹520 Crore in V Hotels Legal Dispute

AI generated image. NEW DELHI: Lodha Developers Ltd has been instructed to deposit ₹520.80 crore as security related to an ongoing Supreme Court case against V Hotels Ltd, which the company acquired last year through insolvency proceedings. In a regulatory filing on Wednesday, Lodha revealed that this issue concerns proceedings initiated by the Enforcement Directorate (ED) against the former promoter of V Hotels Ltd (VHL) regarding a transaction of ₹520.80 crore, allegedly funneled through VHL before the onset of the insolvency process. Lodha anticipates that the Supreme Court will expedite the hearing in this matter, leading to the release of…