NCLAT Calls Off Insolvency for Realty Giant Mahagun
The NCLAT has halted insolvency proceedings against Mahagun following a financial settlement with creditor IDBI Trusteeship. The tribunal's decision comes after both parties reached an agreement, allowing the withdrawal of the petition that centered around a significant default involving Mahagun's Manorialle project in Noida.
- Country:
- India
The National Company Law Appellate Tribunal (NCLAT) has ended insolvency proceedings against the real estate powerhouse Mahagun, following the company's settlement with financial creditor IDBI Trusteeship. The two-member NCLAT bench officially recorded the settlement dated February 12, 2026, between the two parties.
An application submitted by IDBI Trusteeship sought to withdraw the insolvency proceedings, a move now approved by the appellate tribunal. The order stated that all pending applications are disposed of in light of the settlement and that the proceedings are "dismissed as withdrawn."
This decision follows the initiation of the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) over a significant debt claim linked to Mahagun's Manorialle project. Despite previous insolvency motions against Mahagun, this settlement underscores an ongoing resolution process.
ALSO READ
-
NCLAT Upholds Insolvency Against Dhoot Brothers Amid Videocon Default
-
Supreme Court Upholds Speed and Certainty in Insolvency Code
-
Supreme Court Upholds NCLAT Ruling on Benami Property Attachments
-
Shares Dispute: Byju's and Aakash Clash in NCLAT
-
NCLAT to Hear Appeal Against Oberoi Realty's Rs 919 Crore Bid for Hotel Horizon
Google News