NCLT Chandigarh withholds Embassy Group companies' merger

11 May 2023 CW Team

The Chandigarh bench of the National Company Law Tribunal (NCLT) has withheld the proposed merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate.

The merger sanctioned by Bengaluru bench the NCLT, which has jurisdiction over NAM Estates and Embassy One on April 22, 2022.

However, the NCLT’s Chandigarh bench, which has jurisdiction over Indiabulls Real Estate, had earlier raised certain concerns based on the objections cited by the Income Tax department to the merger, Indiabulls Real Estate said in a regulatory filing.

Shares of Indiabulls Real Estate fell nearly 20% on Tuesday’s session to end at Rs 55.34 per share.

Embassy Group expressed its disappointment at the Chandigarh bench’s decision.

“We have provided all the necessary details and clarifications sought by the NCLT regarding the details of NAM Estates and Embassy One and have also meticulously addressed the objections cited by the Income Tax department, including giving an undertaking that any past tax issues will be borne by Embassy Group and not by the public shareholders of IBREL,” said Jitu Virwani, chairman, Embassy Group.

Embassy Group remains the largest shareholder in Indiabulls Real Estate and is committed to the creation of one large platform and will explore all possible options at this stage, the Bengaluru-based company said.

Indiabulls added that the company strongly believes that these objections and concerns were unfounded, unjustified and do not impact the merger in a significant manner.

The company said it will await the detailed order to assess the next steps and shall explore all options, including filing an appeal against the order of the NCLT, Chandigarh, before the National Company Law Appellate Tribunal at the earliest.

The merger has already received support from 99.9987% of its shareholders and approval from other regulators. Indiabulls Real Estate’s board will be meeting on Wednesday to chalk out its plan and strategy, the filing added.

Also Read
REC signs agreement to run RDSS Scheme with Nagaland govt
JSW Renew Energy Three signs power purchase deal with Solar Energy Corp..

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The Chandigarh bench of the National Company Law Tribunal (NCLT) has withheld the proposed merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate. The merger sanctioned by Bengaluru bench the NCLT, which has jurisdiction over NAM Estates and Embassy One on April 22, 2022. However, the NCLT’s Chandigarh bench, which has jurisdiction over Indiabulls Real Estate, had earlier raised certain concerns based on the objections cited by the Income Tax department to the merger, Indiabulls Real Estate said in a regulatory filing. Shares of Indiabulls Real Estate fell nearly 20% on Tuesday’s session to end at Rs 55.34 per share. Embassy Group expressed its disappointment at the Chandigarh bench’s decision. “We have provided all the necessary details and clarifications sought by the NCLT regarding the details of NAM Estates and Embassy One and have also meticulously addressed the objections cited by the Income Tax department, including giving an undertaking that any past tax issues will be borne by Embassy Group and not by the public shareholders of IBREL,” said Jitu Virwani, chairman, Embassy Group. Embassy Group remains the largest shareholder in Indiabulls Real Estate and is committed to the creation of one large platform and will explore all possible options at this stage, the Bengaluru-based company said. Indiabulls added that the company strongly believes that these objections and concerns were unfounded, unjustified and do not impact the merger in a significant manner. The company said it will await the detailed order to assess the next steps and shall explore all options, including filing an appeal against the order of the NCLT, Chandigarh, before the National Company Law Appellate Tribunal at the earliest. The merger has already received support from 99.9987% of its shareholders and approval from other regulators. Indiabulls Real Estate’s board will be meeting on Wednesday to chalk out its plan and strategy, the filing added. Also Read REC signs agreement to run RDSS Scheme with Nagaland govt JSW Renew Energy Three signs power purchase deal with Solar Energy Corp..

Infrastructure Transport

27 Jun 2026

Noida Airport Fuels NCR Realty Growth

The start of commercial operations at Noida International Airport has recently emerged as a major trigger for real estate growth across Noida, Greater Noida and the Yamuna Expressway region. The airport is expected to improve regional connectivity and support the next phase of development in eastern NCR.The airport, inaugurated on 28 March, has begun passenger services, while cargo operations are also expected to strengthen its role as an economic and logistics hub. Its operationalisation is expected to reduce dependence on Delhi’s Indira Gandhi International Airport for residents and busine..

Technology

27 Jun 2026

thyssenkrupp and GlobalLogic Form AI Alliance

thyssenkrupp AG and GlobalLogic, a Hitachi Group company, have recently formed a strategic alliance to deploy autonomous robotics and Physical AI across heavy industry operations. The partnership aims to improve safety, reduce engineering bottlenecks and accelerate industrial transformation at scale.The alliance brings together thyssenkrupp’s industrial expertise with Hitachi’s innovation capabilities. It includes GlobalLogic, Method and Hitachi America R&D, creating a “Lab-to-Scale” pipeline that connects research, digital strategy, design and enterprise software engineering for i..

Real Estate

27 Jun 2026

Platinum Corp Launches Luxury Suites in Santacruz

Platinum Corp has recently launched Platinum Stellar: Bespoke Presidential Suites, a premium residential project in Santacruz West, Mumbai. The development is positioned as a boutique luxury offering for homebuyers seeking expansive layouts, privacy and personalised living experiences.Located on Main Avenue, the project has been designed as a low-density, high-end residential address with spacious homes starting from 2,500 sq ft and extending to full-floor residences. The project targets HNIs, business owners and legacy residents from the Bandra-Khar-Santacruz belt.Platinum Stellar has been de..