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

Breathing Room!

Hidden in plain sight, the Malabar Hill Forest Trail Project is a transformative initiative that brings together citizen-led vision, architectural sensitivity and sustainable construction to reclaim a forest stretch in the heart of Mumbai – without disturbing a single tree.Inaugurated on March 30, 2025, by Maharashtra Minister Mangal Prabhat Lodha, the project is the result of a unique collaboration between the Nepean Sea Road Citizens' Forum (NRCF), IMK Architects, the JSW Foundation, and the Brihanmumbai Municipal Corporation (BMC). This collaboration between citizens, architects, civic au..

Next Story
Technology

Constructive Automation

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Real Estate

Google India’s New Campus

India continues to cement its position as a global digital powerhouse – and Google’s latest milestone reinforces this trajectory with the inauguration of Ananta, one of its largest offices worldwide. CW explores the design, sustainability and construction aspects of this landmark campus in Bengaluru.Significance of AnantaLocated in Mahadevapura, Bengaluru, Ananta spans 1.6 million sq ft and is situated within Bagmane Tech Park. Named after the Sanskrit word for ‘infinite’, this state-of-the-art, 11-storey facility is Google’s fourth office in Bengaluru. It is designed to foster colla..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?