NCLAT Quashes Insolvency Proceedings Against Embassy Developments

07 May 2026 CW Team

Embassy Developments Limited has announced that the Hon’ble National Company Law Appellate Tribunal (NCLAT), New Delhi, has set aside the earlier National Company Law Tribunal (NCLT) order admitting insolvency proceedings against the company, thereby quashing the Corporate Insolvency Resolution Process (CIRP).

The appellate tribunal’s order overturns the NCLT ruling dated December 9, 2025, under which CIRP proceedings had been initiated against the company. With the latest ruling, all directions arising from the earlier NCLT order stand terminated and the insolvency proceedings against Embassy Developments have been formally closed.

The company stated that it remains financially stable and continues to operate normally, with no impact on its business operations, projects or stakeholders. Embassy Developments also highlighted its strong FY26 operational performance, during which it recorded pre-sales of around ₹4,600 crore, including its highest-ever quarterly bookings in the fourth quarter.

Jitu Virwani welcomed the NCLAT judgment, stating that it upheld the company’s position regarding the dispute. He said the matter related to a legacy issue in which a letter issued by Indiabulls Real Estate to address a possible equity shortfall for a past affiliate had allegedly been misconstrued as a corporate guarantee.

Virwani added that the company pursued the appeal with confidence in the merits of its case and acknowledged the concerns caused to shareholders during the proceedings. He also noted that the company’s operational and business performance remained strong throughout the period, reflecting the resilience of its platform and underlying fundamentals.

Infrastructure Transport

15 May 2026

MMRDA Removes 1.14 lakh m of Metro Barricades

In a bid to ease congestion and improve urban mobility during monsoon, MMRDA has undertaken one of the largest coordinated barricade removal and monsoon preparedness drives across its ongoing metro and infrastructure projects.With substantial progress achieved in viaduct and structural works across multiple metro corridors, barricades from completed stretches beneath metro viaducts are being systematically removed, restoring maximum possible road space before the monsoon. Wider carriageways across key arterial roads are expected to improve traffic flow, reduce congestion, support better rainwa..

Pune Division to Remove All Diamond Crossings by Year-End

The Pune railway division has announced plans to remove all 16 diamond crossings by the end of 2026 as part of a major yard remodelling project following the derailment of a Vande Bharat Express at Pune Junction on April 27. Railway authorities said the replacements aim to improve safety and streamline train operations across the busy station. The decision followed a Central Railway finding that the accident involved a non-standard diamond crossing and highlighted the need for replacement. Regular maintenance of existing crossings will continue until the replacement work is completed. Official..

Goa Declares 80 Million Square Metres No Development Zone

The Goa state government has declared 80 million square metres (mn) of land a no development zone, designating the area as protected from new construction. The notification reclassifies tracts across the state under a no development category for planning and regulatory purposes. The declaration signals a formal halt to new building permits within the defined zone. Authorities indicated that maps will be issued to show broad boundaries while detailed surveys will refine precise limits. The move transfers responsibility for enforcement to local planning authorities and relevant departments, whic..