Embassy Developments Limited has provided an update on the proceedings before the NCLAT regarding the initial Corporate Insolvency Resolution Process (CIRP) admission order. The hearing scheduled for March 13, 2026, was adjourned upon the Respondents’ counsel’s request. The matter is now listed for further arguments on March 19, 2026. Crucially, the NCLAT’s stay on the original NCLT order remains fully in force, confirming the company is fully operational.
Update on Appellate Tribunal Hearing
Embassy Developments Limited (formerly Equinox India Developments Limited) has issued a mandatory disclosure concerning the legal matter pending before the Hon’ble National Company Law Appellate Tribunal (NCLAT) in New Delhi. Following up on previous intimations, the matter was heard on March 13, 2026.
The proceedings saw the completion of submissions and arguments from the counsel representing the Company. However, the Tribunal granted an adjournment because the counsel for the Respondents requested additional time to complete their arguments. Consequently, the NCLAT has scheduled the next hearing for March 19, 2026, for the completion of these proceedings.
Status of Insolvency Proceedings
The management wishes to reiterate two critical points for all stakeholders:
- The impugned order passed by the Hon’ble National Company Law Tribunal (NCLT) admitting the Corporate Insolvency Resolution Process (CIRP) continues to remain stayed by the NCLAT.
- As a result, the NCLT order is presently inoperative, and all arising proceedings remain halted.
The company asserts that it continues to remain fully operational and financially sound, upholding its commitment to high standards of governance and timely disclosure while awaiting the formal order recording the adjournment.
Source: BSE
