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.

Resources

26 Jun 2026

G R Infraprojects Founder Vinod Agarwal Passes Away

Vinod Kumar Agarwal, Founder and Promoter of G R Infraprojects, has passed away. He had been associated with the company since its inception in 1995. His vision, determination and entrepreneurial acumen laid the foundation for the company and helped shape its growth into a leading name in India’s infrastructure sector.Agarwal served as Managing Director from 2008 to 2021 and later as Chairman and Whole-time Director from 2021 to 2025. He stepped down from the office of Director on 10 November 2025. During his leadership tenure, the company moved through significant phases of growth, operatio..

Centre Prioritising Energy Security With Coal Gasification

Union minister for Coal and Mines G Kishan Reddy said the Centre is prioritising energy security through a strategic shift to coal gasification and has announced incentives totalling Rs 460 billion (bn) to support the effort. He said more than 35 companies will start coal gasification activities in India within two months and that the government is encouraging firms that bring technology to close the domestic technology gap. The minister described the initiative as aimed at reducing import dependence and developing indigenous capacity. India has the fifth-largest coal reserve in the world, and..

BHEL and Coal India Invest Rs 250 bn in Odisha Gasification

Bharat Heavy Electricals (BHEL) and Coal India (CIL) are jointly investing Rs 250 billion in a coal gasification project in Odisha, with the Prime Minister laying the foundation stone in Jharsuguda. Union Coal and Mines Minister G Kishan Reddy described the initiative as a transformative shift in coal utilisation that will open industrial avenues for the state. The project moves coal beyond conventional power generation to industrial feedstocks. Coal gasification will convert coal into synthesis gas, a versatile feedstock for chemicals, fertilisers and synthetic fuels, and the technology is ex..