Tag: Corporate Insolvency Resolution Process

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Embassy Developments Resumes Trading After NCLAT Ruling

NEW DELHI: Shares of Embassy Developments have resumed regular trading on the BSE and NSE after the National Company Law Appellate Tribunal (NCLAT) revoked the insolvency proceedings against the company. The appellate tribunal’s decision, made on May 4, 2026, nullifies the Corporate Insolvency Resolution Process (CIRP) previously initiated by the National Company Law Tribunal (NCLT) in December 2025. Consequently, all instructions associated with the CIRP are now void. Embassy Developments stated that its business operations and project execution continued without disruption during this time. The company reported pre-sales of approximately ₹4,631 crore for FY26, reflecting a 128% year-over-year growth. In…

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NCLT OKs ₹730 Crore Revamp Plan for Rajesh Hotels

MUMBAI: The National Company Law Tribunal (NCLT) has approved Rajesh Business & Leisure Hotels’ resolution plan for the acquisition of a consortium involving Rare Asset Reconstruction Company (Rare ARC) and Check-Inn Hotels, a subsidiary of Shree Naman Group. The company reported liabilities exceeding ₹1,345 crore, while the consortium proposed a revival plan worth ₹730 crore. Prior to the tribunal’s endorsement, the plan received unanimous support from the creditors’ committee. In April 2022, the company entered the Corporate Insolvency Resolution Process after ICICI Bank filed a petition over a ₹311 crore default. The approved plan includes an upfront payment of approximately…

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IBBI Suspends Insolvency Pro for 2 Years in Supertech Case

NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has suspended an insolvency professional’s registration for two years due to serious lapses in managing the insolvency proceedings of Supertech Ltd and Nobility Estates. In an order dated March 30, the IBBI’s disciplinary committee found that Hitesh Goel neglected his responsibilities as defined under the Insolvency and Bankruptcy Code (IBC) and relevant regulations while handling the corporate insolvency resolution process for both companies. Supertech Ltd was initiated into insolvency in March 2022, with Goel first acting as the interim resolution professional (IRP) and later confirmed as the resolution professional. The…

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NCLAT Limits Vatika’s Insolvency Order to Gurugram Project

NEW DELHI: The NCLAT has provided partial relief to NCR-based real estate firm Vatika by limiting the ongoing insolvency proceedings to a specific project, “Project Aspirations,” located in Gurgaon. The National Company Law Appellate Tribunal (NCLAT) modified the earlier order from the National Company Law Tribunal (NCLT), clarifying that “CIRP cannot encompass all other projects” of Vatika. On February 3, following a plea from IDBI Trusteeship Services, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) against Vatika and appointed an Interim Resolution Professional (IRP) while enforcing a moratorium. This decision was subsequently challenged by Surender Singh, a director of…

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NCLAT Orders Insolvency Withdrawal for Mahagun Settlement

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has ordered the withdrawal of insolvency proceedings against Mahagun Realty after the company reached a settlement with its financial creditor. A two-member bench of NCLAT acknowledged the settlement agreement between Mahagun (India) and IDBI Trusteeship, dated February 12, 2026. A request was submitted by the financial creditor to the NCLAT to retract the insolvency proceedings against Mahagun. “During the pending matter before this Adjudicating Authority, the parties have entered into a settlement agreement dated 12.02.2026. The Applicant/Financial Creditor wishes to withdraw IB-112(ND)/2025,” stated the NCLAT in its order. The NCLAT subsequently…

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Land Shortages Fuel Strategic Acquisitions through Bankruptcy

As land availability tightens and competition grows in India’s major cities, strategic buyers are increasingly using the corporate insolvency resolution process under the Insolvency and Bankruptcy Code to acquire urban real estate. This framework is becoming crucial in facilitating ownership changes and land consolidation in areas with limited supply, a trend reflected in various recent rulings by bankruptcy tribunals nationwide. Data from the Insolvency and Bankruptcy Board of India indicates that by the end of September, 8,659 companies had entered insolvency proceedings, with around 1,905 being real estate companies. Of these, approximately 1,472 have received resolution plans from prospective buyers,…

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Homebuyers of 129 Projects Should Contact IRPs, Not UP-RERA

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has released a public advisory following the admission of 129 real estate projects from 14 developers into the Corporate Insolvency Resolution Process (CIRP) at the National Company Law Tribunal (NCLT) from January 2024 to the present. As insolvency proceedings commence, UP-RERA has instructed affected homebuyers to submit their claims exclusively to the appointed Insolvency Resolution Professionals (IRPs) for each project, as per the guidelines of the Insolvency and Bankruptcy Code (IBC). RERA jurisdiction suspended during moratorium UP-RERA stated that once a project enters the CIRP, a moratorium under section 14…

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CCI Approves Vedanta’s Bid for Jaiprakash Associates

NEW DELHI: The Competition Commission of India (CCI) announced on Tuesday that it has granted in-principle approval for mining giant Vedanta’s proposal to acquire the financially troubled Jaiprakash Associates, contingent upon winning the ongoing insolvency auction. Besides Vedanta, the CCI has also approved acquisition proposals from Jindal Power, PNC Infratech, Adani Group, and Dalmia Bharat for Jaiprakash Associates. “The proposed transaction involves the acquisition of Jaiprakash Associates Ltd (JAL) by Vedanta Ltd (the acquirer) as part of a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016,” stated the regulator in an official release. The CCI confirmed…

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CCI Approves PNC Infratech’s Bid for Jaiprakash Associates

Sure! Here’s a rewritten version of the content you provided: — NEW DELHI: The Competition Commission of India (CCI) announced on Tuesday that it has granted initial approval for PNC Infratech’s proposal to acquire the financially troubled Jaiprakash Associates, contingent upon winning the ongoing insolvency bid. The proposal involves PNC Infratech acquiring between 95% to 100% of Jaiprakash Associates Ltd (JAL), either directly or through a wholly-owned subsidiary that may be established for this purpose. The CCI confirmed the acquisition’s approval via a post on X, stating, “Commission approves proposed acquisition of Jaiprakash Associates Ltd by PNC Infratech Ltd.” In…

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NCLAT Upholds Order to Recall Logix Infra Insolvency Case

NEW DELHI: The NCLAT has affirmed the National Company Law Tribunal’s (NCLT) decision to rescind its earlier ruling regarding an insolvency case against Logix Infrastructure, labeling the debt claim as “fraudulent” and “malicious”. A two-member NCLAT bench noted that the plea for the Corporate Insolvency Resolution Process (CIRP) against Logix, which is developing the Blossom County project in Noida Sector 137, is grounded in collusion and lacks integrity. “Given the facts of this case, we see no errors in the NCLT’s orders allowing the Section 65 application from the Respondents. Thus, reversing Section 7 proceedings does not constitute a review…