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.

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..