NCLT Dismisses Insolvency Petition Against Township Developers

15 Nov 2023 CW Team

The National Company Law Tribunal (NCLT) has dismissed an insolvency petition filed against Township Developers India by Piramal Capital and Housing Finance, acting on behalf of the original lender Dewan Housing Finance Corporation (DHFL). The petition was filed due to Township Developers' failure to repay mortgage loans totaling over ₹58.55 billion. However, the court dismissed the petition due to technical limitations related to the timing of the application.

The Insolvency and Bankruptcy Code (IBC) was amended by the Indian government in March 2020 to provide relief to businesses struggling due to the COVID-19 pandemic. Section 10A of the amended IBC prohibited the filing of insolvency petitions for defaults occurring on or after March 25, 2020, for a period of six months or up to one year.

The bankruptcy court determined that the default date should be calculated from the date of the first invocation notice, which informs the corporate debtor that the corporate guarantee has been invoked and demands payment of the outstanding amount on behalf of the borrower.

Piramal is reportedly considering challenging the court's decision by appealing to the National Company Law Appellate Tribunal (NCLAT)."

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..