NCLAT Abolishes Insolvency for Embassy Development
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has overturned an NCLT decision allowing insolvency proceedings against Embassy Development, a real estate firm. In December 2025, the Delhi bench of the National Company Law Tribunal (NCLT) ordered the initiation of insolvency against Embassy Development following a petition by Canara Bank. The bank claimed that Embassy Development owed ₹200 crore as a corporate guarantor for a loan given to Indiabulls Realtech (now Simar Thermal Power). This NCLT decision was appealed by Rajesh Kaimal, a member of the suspended board of Embassy Development. The NCLAT ruled that the default claimed by…