Please find attached order of Hon'ble NCLAT dated 29.05.2026
PARSVNATH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NCLAT has dismissed the appeal filed by the suspended director of Parsvnath Developers Limited and upheld the NCLT order dated 30.04.2026 admitting the company into Corporate Insolvency Resolution Process (CIRP) under Section 7 of IBC. The original lender Sammaan Capital Limited (later assigned to Asset Reconstruction Company India Ltd) had sanctioned multiple loan facilities starting March 2018, with total claimed default of ₹942.27 crore. The date of default was stated as 05.03.2024. The company made several settlement attempts including payments of ₹75 crore in February 2025 and ₹32.5 crore in April 2026, but failed to reach a final agreement. ARCIL backed out of a repayment schedule in July 2025, prompting revival of proceedings. The NCLAT found debt and default proved and ruled that settlement efforts by the company were themselves evidence of admitted default. Claims worth approximately ₹800 crore have been received from homebuyers. The NCLAT also upheld CIRP admission for corporate guarantor Noida Marketing Pvt. Ltd.
This is a deeply negative development for equity shareholders. The admission into CIRP means control of the company passes to the Resolution Professional. Existing equity holders face near total loss as financial creditors and homebuyers will have priority claims on any resolution plan proceeds. The stock is likely to be suspended or face significant price erosion.