Disclosure - Appointment of IRP
PARSVNATH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Parsvnath Developers Limited's insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, filed by Sammaan Capital Limited (formerly ARCIL), has been admitted by the NCLT New Delhi. The admitted debt amounts to Rs. 452.34 crore. Mr. Manoj Kumar Anand has been appointed as Interim Resolution Professional. However, the NCLT has restrained the IRP from taking any precipitative steps pending the outcome of an Appeal filed by the Company under Section 37 of the Arbitration and Conciliation Act, 1996, which is currently before the Delhi High Court Division Bench and is listed on 25 May 2026. The insolvency proceedings have a complex history, including a previous settlement attempt where Rs. 75 crore was paid, subsequent debt assignment to ARCIL, and revival of the petition.
The admission of this insolvency petition is a major negative development for shareholders. The company remains under restrictions with no resolution process yet underway, as the IRP is restrained from taking action pending the outcome of the company's appeal before the Delhi High Court.