Tag: NCLT

Latest StoriesRegulatory

Insolvency Cases Surge, Straining NCLT amid Infra Issues

NEW DELHI: The Insolvency and Bankruptcy Code (IBC) framework in 2025 faced increasing stress on timelines and capacity, with resolution processes often extending beyond statutory deadlines. This scenario persists despite the National Company Law Tribunal’s (NCLT) efforts to manage its limited resources. Senior advocates and legal experts have raised alarms over systemic delays, indicating that nearly 10,000 cases remain stuck at the admission stage, with over Rs 10 lakh crore in distressed assets at stake. Additionally, nearly 24 out of 30 NCLT courts are operating on half-day schedules. The delays can be attributed to a combination of limited capacity, repeated…

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RG Group Revives Greater Noida West Housing Post-Insolvency

NEW DELHI: RG Group has successfully completed the first phase of its previously stalled RG Luxury Homes project in Greater Noida West, following insolvency proceedings. The total construction costs post-NCLT are estimated at around ₹200 crore. Following the project’s admission to the National Company Law Tribunal (NCLT), the developer has refunded approximately ₹95 crore to homebuyers. Post-insolvency, ₹43 crore was infused by the promoter into the project, while banks provided nearly ₹27 crore in construction financing. After NCLT proceedings, the outstanding authority dues amounted to about ₹200 crore, of which ₹60 crore has already been paid. To obtain regulatory approvals…

Latest StoriesRegulatory

NCLAT Orders Chronos Properties to Renew Bank Guarantee for IL&FS

NEW DELHI: On Friday, the National Company Law Appellate Tribunal (NCLAT) instructed Brookfield-backed Chronos Properties to renew the bank guarantee for the acquisition of the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services Ltd (IL&FS). In an interim order, NCLAT also prohibited the debt-laden IL&FS group from creating third-party rights on its headquarters until the appeal is resolved. NCLAT emphasized the necessity for Chronos to renew the Performance Bank Guarantee to avoid disqualification in acquiring the IL&FS headquarters. Both parties have been directed to finalize pleadings, file replies, and rejoinders by January 16, with the next hearing…

Latest StoriesRegulatory

CHD Vann Takes Charge to Finish 11-Year-Delayed Gurugram Project

GURUGRAM: The National Company Law Tribunal (NCLT) has sanctioned the separation of CHD Vann from the insolvency proceedings of CHD Developers, enabling Roots Developers, the landowners, to gain full control of Vann and complete the long-delayed housing project in the city. CHD Vann, situated in Sector 71, was initiated in March 2014 as a 10-acre residential development featuring 12 towers and 569 units of 2, 3, and 4 BHK apartments. Initially, possession was scheduled for October 2018, but the project faced significant delays due to the financial struggles of CHD Developers, leaving many homebuyers in a tough situation with ongoing…

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Panel urges rapid courts for swift insolvency resolutions

The parliamentary standing committee on finance has urged the government to establish special fast-track courts temporarily while also increasing the capacity of the National Company Law Tribunal (NCLT) to address extensive case backlogs and facilitate the rescue of insolvent companies. Led by senior BJP leader Bhartruhari Mahtab, the panel has proposed an advance ruling mechanism akin to that used in the goods and services tax framework. This would provide greater certainty and help prevent disputes after litigation under the Insolvency and Bankruptcy Code (IBC). The committee presented a report titled “Review of Working of Insolvency and Bankruptcy Code and Emerging…

CommercialLatest Stories

IL&FS HQ in BKC may see 25% valuation increase

MUMBAI: IL&FS is set to pursue new valuations for its headquarters located in the Bandra Kurla Complex (BKC). A 25% increase in its current valuation is anticipated following approval from the National Company Law Tribunal (NCLT) to consider the recent surge in Mumbai’s real estate market, according to a source familiar with the situation. The tribunal has mandated Brookfield Asset Management, the global institutional investor, to renew the performance guarantee originally submitted during the bidding process for the property in 2022. “The existing valuation of ₹1,722 crore was established in 2024, and new valuations are projected to be between ₹2,000…

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ONE Group to invest ₹700 crore in reviving Sushant Aquapolis

NEW DELHI: ONE Group has successfully acquired the former Sushant Aquapolis project on NH9, Ghaziabad through the NCLT process, rebranding it as ONE Aquapolis. The group intends to invest approximately ₹700 crore to complete and revitalize the project, aiming for a total revenue potential of ₹1,300 crore. This investment will prioritize infrastructure improvements, landscaping, and enhanced amenities. Spanning 26.18 acres, this integrated group housing development consists of 26 towers with around 3,000 residential units. To date, over 150 units have been handed over, and 125 families are currently residing in the community. Published On Nov 21, 2025 at 01:00 PM…

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Adani Enterprises Set to Outbid Vedanta for Jaiprakash Associates

NEW DELHI: Adani Enterprises Ltd is expected to be the top bidder for the acquisition of Jaiprakash Associates Ltd (JAL) through an insolvency process, as its proposal to make payment over two years has been deemed more favorable than Vedanta’s five-year payment plan, sources indicated. In early September, Vedanta Group had outbid Adani Group with a net present value (NPV) offer of Rs 12,505 crore in an auction led by lenders to find buyers for JAL, which operates in sectors including real estate, cement, power, hotels, and roads. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did…

Latest StoriesRegulatory

NCLAT Halts Mahagun Insolvency, Orders NCLT to Rehear Case

NEW DELHI: In a significant development for the real estate firm Mahagun, the National Company Law Appellate Tribunal (NCLAT) has annulled the insolvency proceedings against it and instructed the NCLT to reconsider the petition in light of a new status report relating to the projects. A two-member bench of the appellate tribunal noted that the NCLT had overlooked crucial guidelines from the Supreme Court’s ruling in the Mansi Brar Fernandes case, which stipulates that insolvency proceedings for real estate should be project-specific. Additionally, the NCLAT acknowledged an intervention request from various homebuyers associated with different Mahagun projects, seeking to overturn…

Latest StoriesRegulatory

SC Sets Dec 5 Deadline for Jaypee Infratech Claims

NOIDA: The Supreme Court has given Jaypee Infratech homebuyers a deadline of December 5 to either request refunds or apply for flat allotments. This directive was issued on November 3 by Justices Sanjay Kumar and Alok Aradhe, instructing all outstanding claimants to reach out to Suraksha Realty Limited, the current overseer of the delayed Jaypee projects, with no additional extensions expected. The court also mandated Suraksha Realty to make a public announcement regarding this cut-off date, which it did by Thursday. “Many homebuyers are still presenting claims for refunds or flats. Suraksha Realty Limited is prepared to accept refund claims…