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 Parsvnath Developers' appeal and upheld the NCLT order dated 30.04.2026 admitting the company's insolvency petition under Section 7 of the Insolvency and Bankruptcy Code. The company's loans from Sammaan Capital Limited (assigned to ARCIL) of approximately Rs. 942 crore were in default since March 2024. Despite multiple settlement attempts, including repayment proposals of Rs. 310 crore principal plus interest, the company failed to reach a final settlement. The company also tried to delay the NCLT pronouncement multiple times citing ongoing settlement talks. NCLAT found debt and default proved, citing the company's own admissions in various proceedings. Additionally, Noida Marketing Pvt. Ltd. (corporate guarantor) was also admitted to CIRP. Claims worth Rs. 800 crore from homebuyers have been received by the Resolution Professional.
This is a negative development for shareholders as the company's insolvency has been confirmed by the appellate tribunal, meaning it will now proceed through the Corporate Insolvency Resolution Process, which typically results in significant dilution or loss of equity value for existing shareholders.