NCLT Initiates Insolvency Proceedings Against Sankalp Siddhi Developers
Real Estate

NCLT Initiates Insolvency Proceedings Against Sankalp Siddhi Developers

In a pivotal move within the real estate domain, the National Company Law Tribunal (NCLT) has issued an order initiating insolvency proceedings against Sankalp Siddhi Developers. This decision comes as a consequential development, signalling potential repercussions for the real estate entity.

The NCLT's order follows a petition seeking insolvency against Sankalp Siddhi Developers, citing financial distress and failure to meet contractual obligations. The tribunal's intervention is a response to the growing concerns surrounding the financial stability of the real estate firm and aims to address the interests of various stakeholders involved.

Insolvency proceedings, once initiated, will involve a detailed examination of the financial affairs of Sankalp Siddhi Developers, and a resolution professional will be appointed to manage the process. This step is taken in accordance with the Insolvency and Bankruptcy Code, providing a legal framework to address financial crises and ensure a fair and transparent resolution.

The NCLT's decision to commence insolvency proceedings against Sankalp Siddhi Developers underscores the challenges faced by some players in the real estate sector and emphasises the importance of financial prudence and compliance within the industry.

In a pivotal move within the real estate domain, the National Company Law Tribunal (NCLT) has issued an order initiating insolvency proceedings against Sankalp Siddhi Developers. This decision comes as a consequential development, signalling potential repercussions for the real estate entity. The NCLT's order follows a petition seeking insolvency against Sankalp Siddhi Developers, citing financial distress and failure to meet contractual obligations. The tribunal's intervention is a response to the growing concerns surrounding the financial stability of the real estate firm and aims to address the interests of various stakeholders involved. Insolvency proceedings, once initiated, will involve a detailed examination of the financial affairs of Sankalp Siddhi Developers, and a resolution professional will be appointed to manage the process. This step is taken in accordance with the Insolvency and Bankruptcy Code, providing a legal framework to address financial crises and ensure a fair and transparent resolution. The NCLT's decision to commence insolvency proceedings against Sankalp Siddhi Developers underscores the challenges faced by some players in the real estate sector and emphasises the importance of financial prudence and compliance within the industry.

Next Story
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?