NCLT Initiates Insolvency Proceedings Against Sankalp Siddhi Developers

29 Feb 2024 CW Team

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.

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..