The Company has informed the stock exchanges about the order of Hon'ble Supreme Court of India, dated 16th April, 2026 regarding the Corporate Insolvency Resolution Process of the Company.
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The Supreme Court of India disposed of Civil Appeals No. 807-808/2026 filed by IL&FS Financial Services Limited against the NCLAT order. The Court refused to interfere with the NCLAT decision, effectively upholding the ongoing Corporate Insolvency Resolution Process (CIRP). The erstwhile promoters have undertaken full cooperation in the CIRP proceedings. The insolvency proceedings are confined to Lucknow and Rajasthan projects, with separate resolution processes ongoing for Serene Residency (resolution plan approved by NCLT on 6th October 2025) and Femhill project in Gurgaon. A homebuyers' Writ Petition was also disposed of.
The Supreme Court's refusal to interfere provides some clarity on the insolvency proceedings. The CIRP will continue under the supervision of Resolution Professionals, and while this is negative news indicating ongoing financial distress, the confirmation that proceedings will proceed may provide some certainty to stakeholders.