Realty developer Embassy Developments has secured relief from insolvency proceedings after the National Company Law Appellate Tribunal (NCLAT) set aside an earlier order admitting the company to the corporate insolvency resolution process (CIRP).
In a regulatory filing, the developer said the appellate tribunal has quashed the December 9, 2025 order passed by the National Company Law Tribunal (NCLT), New Delhi, which had admitted insolvency proceedings against it. As a result, the CIRP initiated against the company stands closed.
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The company added that interim protections granted earlier have been subsumed into the final judgment, and all directions arising from the NCLT order have been terminated. With the ruling, the listed developer is no longer subject to any insolvency proceedings.
“The NCLAT order upholds our position. This was a legacy issue whereby a letter by Indiabulls Real Estate to fund any shortfall in equity for a past affiliate has been misconstrued and misrepresented as a corporate guarantee…Our business and operating performance has performed strongly throughout this period, reflecting the resilience of our platform and the strength of our underlying fundamentals,” said Jitu Virwani, Chairman, Embassy Developments.
Embassy Developments maintained that its operations remain unaffected and continue in the normal course. The company said there has been no impact on its projects or stakeholders following the legal outcome.
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The development comes alongside what the company described as robust operational performance in 2025-26. It reported pre-sales of Rs 4,600 crore during the year, including its highest-ever quarterly bookings in the fourth quarter.
The NCLAT order provides clarity on the company’s legal position after months of uncertainty triggered by the earlier tribunal ruling. The case had drawn attention given the scale of the developer’s ongoing residential projects and its presence in key urban markets.
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Also Read: NCLAT dismisses Vedanta plea against Adani’s Jaiprakash Associates bid, upholds NCLT order
The company added that interim protections granted earlier have been subsumed into the final judgment, and all directions arising from the NCLT order have been terminated. With the ruling, the listed developer is no longer subject to any insolvency proceedings.
“The NCLAT order upholds our position. This was a legacy issue whereby a letter by Indiabulls Real Estate to fund any shortfall in equity for a past affiliate has been misconstrued and misrepresented as a corporate guarantee…Our business and operating performance has performed strongly throughout this period, reflecting the resilience of our platform and the strength of our underlying fundamentals,” said Jitu Virwani, Chairman, Embassy Developments.
Embassy Developments maintained that its operations remain unaffected and continue in the normal course. The company said there has been no impact on its projects or stakeholders following the legal outcome.
Also Read: SC asks NCLAT to take decision on 14 housing projects of debt-ridden Supertech
The development comes alongside what the company described as robust operational performance in 2025-26. It reported pre-sales of Rs 4,600 crore during the year, including its highest-ever quarterly bookings in the fourth quarter.
The NCLAT order provides clarity on the company’s legal position after months of uncertainty triggered by the earlier tribunal ruling. The case had drawn attention given the scale of the developer’s ongoing residential projects and its presence in key urban markets.
