Embassy Developments Limited provided an update regarding the proceedings before the National Company Law Appellate Tribunal (NCLAT). The hearing on March 19, 2026, resulted in an adjournment granted to the Respondents, with the tribunal noting that no further extensions would be allowed. The matter is now listed for submissions on April 10, 2026. Crucially, the NCLAT order staying the admission of the Corporate Insolvency Resolution Process (CIRP) continues to remain in effect.
Update on Appellate Tribunal Proceedings
In continuation of prior disclosures, Embassy Developments Limited confirmed that the matter pertaining to the stay order was heard before the Hon’ble NCLAT on March 19, 2026. During this hearing, the counsel representing the Respondent successfully prayed for an adjournment, which the Tribunal granted.
The Tribunal explicitly observed that no further adjournment shall be sought by the Respondents moving forward. Consequently, the matter has been scheduled for further proceedings and submissions on behalf of the Respondents on April 10, 2026.
Status of Impugned Order
The Company further confirmed that the effect of the impugned order passed by the Hon’ble National Company Law Tribunal (NCLT)—which had admitted the Corporate Insolvency Resolution Process (CIRP)—continues to remain stayed by the NCLAT. This means the NCLT order is presently inoperative, and all associated proceedings arising therefrom are stayed.
Embassy Developments Limited reiterated that the Company continues to remain fully operational and financially sound despite the ongoing legal proceedings.
Source: BSE
