Tag: NCLT

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NCLT Approves Aspect JV’s Rescue Plan for Radius & Deserve

MUMBAI: The National Company Law Tribunal (NCLT) has approved the resolution plan from the Aspect Group’s joint venture, Bharadvaja Buildcon LLP, for the bankrupt real estate firm Radius & Deserve Land Developers, facilitating the resolution process that began in May 2023. The corporate insolvency resolution process (CIRP) was triggered after an insolvency petition filed by IDBI Trusteeship Services. Claims exceeding Rs 3,255.82 crore were accepted, with IDBI Trusteeship Services holding the entire voting share in the committee of creditors (CoC). The resolution plan received unanimous approval from the sole CoC, represented by IDBI Trusteeship Services, with a total resolution value…

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NCLT Orders Entertainment City to Register Stake for Parmesh Construction

NEW DELHI: The National Company Law Tribunal (NCLT) has ordered Entertainment City to document a 4.26% equity transfer to Parmesh Construction Company, a Bhutani Infra Group entity, overruling objections from joint venture partner Unitech Holding concerning alleged violations of shareholder agreements. Parmesh Construction Company Ltd (PCCL) purchased a 3.70% stake from IIRF Holdings V Ltd and a 0.56% stake from Vistra ITCL (India) Ltd. Unitech Holding Ltd (UHL) opposed the sale, arguing it breached their Right of First Refusal (RoFR) and lacked the necessary 30-day notice under the relevant Articles of Association and Shareholders Agreement. The two-member NCLT bench ruled…

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NCLT Approves Mantra Properties’ Plan for Worli Project

The National Company Law Tribunal (NCLT) in Mumbai has approved Mantra Properties & Developers’ resolution plan for a stalled residential project located in Worli, Mumbai. This decision marks a significant step towards reviving a development projected to yield approximately ₹2,000 crore. The tribunal endorsed the resolution plan submitted by Mantra Properties for the insolvent Siddhi Raj Housing Projects Pvt Ltd, concluding a corporate insolvency resolution process that began in May 2023 due to a contractor’s petition. The committee of creditors (CoC) supported the plan with a 92.97% voting share. The NCLT, in its order dated June 19, affirmed that the…

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Creditors Recovered ₹4 Lakh Cr; ₹14 Lakh Cr Settled Pre-Admission

NEW DELHI: Creditors have successfully recovered over Rs 4 lakh crore through resolution processes enabled by the insolvency law, which has been operational for a decade. Additionally, more than 30,000 cases, totaling nearly Rs 14 lakh crore, have been addressed at the pre-admission stage before the National Company Law Tribunal (NCLT). The Insolvency and Bankruptcy Code (IBC), which was implemented in 2016, emphasizes a time-bound and market-linked approach to resolving stressed assets. “As of March 2026, 1,419 cases have generated resolution plans, leading to the realization of over Rs 4 lakh crore for creditors. This amounts to 95% and 167%…

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IBBI Unveils Guidelines to Faster Appoint Insolvency Pros

NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) has released new guidelines for the empanelment of insolvency professionals, facilitating faster appointments in corporate insolvency and bankruptcy cases. These guidelines detail the procedure for creating a panel of insolvency professionals (IPs) to serve as Interim Resolution Professionals (IRPs), liquidators, resolution professionals (RPs), and bankruptcy trustees (BTs). In a circular issued on Monday, it was stated that applicants for empanelment must not be under suspension or debarment, nor engaged in any pending disciplinary actions. They must also declare if they have faced any criminal convictions in the last three years.…

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NCLT Accepts Insolvency Plea for Supreme Housing & Hospitality

MUMBAI: The National Company Law Tribunal (NCLT) has accepted Canara Bank’s insolvency petition against Supreme Housing and Hospitality Private Limited, a Mumbai-based real estate firm, over outstanding dues exceeding ₹567 crore. This move follows several unsuccessful attempts at a one-time settlement and extended litigation. The Mumbai bench of the tribunal commenced the corporate insolvency resolution process (CIRP) against Supreme Housing on May 13 under Section 7 of the Insolvency and Bankruptcy Code (IBC). Canara Bank indicated a default amounting to ₹567.43 crore as of October 31, 2025, which includes a principal amount of ₹175.83 crore and interest dues of ₹391.60…

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NCLT Permits Withdrawal of Insolvency for Nobility Estates

NEW DELHI: The National Company Law Tribunal (NCLT) has permitted the withdrawal of the corporate insolvency resolution process (CIRP) against Nobility Estates, the developer of ATS Group’s residential project Le Grandiose in Noida, following an agreement reached between lenders and the previous management. The order was issued by the NCLT Principal Bench, led by Acting President Bachu Venkat Balaram Das and Member (Technical) Ravindra Chaturvedi on May 5, 2026. The application was submitted by resolution professional Hitesh Goel under Section 12A of the Insolvency and Bankruptcy Code (IBC) along with related regulations. Insolvency proceedings against Nobility Estates commenced on November…

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Noida: Ajnara India fined ₹1.7L for flat handover delay

NOIDA: The District Consumer Disputes Redressal Commission (DCDRC) has ordered M/s Ajnara India Ltd, a Noida-based real estate developer, to compensate a customer with Rs 1.71 lakh plus 6% interest within 30 days, after they failed to deliver a flat booked in 2018 or refund the booking amount. The developer is also required to pay Rs 4,000 as a penalty for litigation costs and causing mental distress. The order, issued by Commission president Anil Kumar Pundir and member Anju Sharma on Saturday, stipulates that the interest on the outstanding amount will be calculated from the filing date of the complaint…

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NCLT Approves Mantra Properties’ Mulund Project Buyout

MUMBAI: The bankruptcy court in Mumbai has sanctioned the acquisition of a Nirmal Lifestyle project in Mulund, spanning four acres, by Pune-based Mantra Properties. This project, which has a total development potential of approximately Rs 1,900 crore, was initiated by Nirmal Developers in 2017. The company has liabilities amounting to Rs 1,491 crore, while the bidder has proposed Rs 215 crore as part of the resolution plan. “The approval of the resolution plan will not invalidate any existing consents, approvals, licenses, concessions, authorizations, or permits granted to the corporate debtor, or for which the debtor has applied for renewal,” stated…

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Gurugram County Revives Housing for 400 Buyers, ETRealty

NEW DELHI: NCR-based real estate developer County Group has taken over two stalled housing projects in Gurgaon, providing relief to approximately 400 homebuyers who have faced delays of over ten years. This acquisition will provide the developer with roughly 2.6 million square feet of saleable space, projecting potential revenues of Rs 4,000 crore. The group secured Ashiana Landcraft through the National Company Law Tribunal (NCLT). This project involves a 14-acre residential development along the Dwarka Expressway in Gurgaon. “Around seven acres of this project were partially developed, leaving 326 homebuyers stranded since 2014. We revamped the existing buildings and common…