Disclosure - Admission of CIRP
PARSVNATH · price
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The National Company Law Tribunal (NCLT), New Delhi Bench, has admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Sammaan Capital Limited (Financial Creditor / Asset Reconstruction Company) against Parsvnath Developers Limited. The admitted debt stands at Rs. 452.34 crore (Rs. 4,523,419,608). Mr. Manoj Kumar Anand has been appointed as Interim Resolution Professional (IRP). The NCLT order was passed on 30.04.2026 but only uploaded on the NCLT website on 12.05.2026. The company had filed an earlier settlement with Rs. 75 crore deposited in Delhi High Court, but the financial creditor assigned the debt to ARCIL, which revived the petition. Parsvnath contested the admission, claiming loan account reconciliation issues and disputing the amounts. NCLT has restrained the IRP from taking precipitative steps pending resolution of an appeal filed by the company under Section 37 of the Arbitration and Conciliation Act, 1996, which is pending before the Delhi High Court Division Bench (FAO(OS)(COMM.) 43 of 2026).
The admission of CIRP is a highly negative development for shareholders. The company faces a debt of over Rs. 452 crore being subject to insolvency resolution. Trading in the stock is likely to remain suspended or face significant price pressure. The outcome will depend on the resolution plan approved by creditors, with shareholders likely to face severe dilution or cancellation of holdings.