Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier Indiabulls Real Estate Limited) secured a significant legal relief on May 4, 2026, when the Hon'ble National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, pronounced its order in favour of the company. The NCLAT allowed the company's appeal, effectively setting aside the earlier National Company Law Tribunal (NCLT) order and bringing the insolvency proceedings against it to a close. The development was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in continuation of the company's earlier intimation dated April 25, 2026.

NCLAT Order: Key Outcomes

The ruling delivered on May 4, 2026, carries several consequential outcomes for Embassy Developments. The key outcomes of the NCLAT order are summarised below:

Background: CIRP Admission by NCLT

The NCLT, New Delhi Bench, had, vide its order dated December 9, 2025, admitted the Corporate Insolvency Resolution Process (CIRP) against Embassy Developments under the Insolvency and Bankruptcy Code, 2016 (IBC). The company had challenged this admission before the NCLAT, which had also granted interim protection to the company during the pendency of the appeal. With the final order now pronounced, the interim protection granted earlier by the NCLAT stands subsumed into the final order, and all directions arising from the NCLT order stand terminated and disposed of.

Company Status and Operational Performance

Following the NCLAT's ruling, Embassy Developments is no longer subject to CIRP and stands fully relieved from all insolvency proceedings. The company reiterates that it remains financially sound and continues to operate in the normal course, with no impact on its business operations, projects, or stakeholders. This is further reflected in the company's strong operational performance in FY26, during which Embassy Developments recorded pre-sales of approximately ₹4,600 crore, including its highest-ever quarterly bookings in Q4, underscoring sustained demand and execution momentum. The formal written order passed by the NCLAT is awaited and will be filed upon receipt.

Chairman's Statement

Commenting on the development, Jitu Virwani, Chairman, Embassy Developments Limited, said, "We welcome the Hon'ble NCLAT's order, which upholds our position. This was a legacy issue whereby a letter by Indiabulls Real Estate to fund any shortfall in equity for a past affiliate has been misconstrued and misrepresented as a corporate guarantee. We pursued the appeal with full confidence in the strength of our case. We are aware of the pain this issue has caused our shareholders and welcome the relief this brings to the shares of the Company. Our business and operating performance has performed strongly throughout this period, reflecting the resilience of our platform and the strength of our underlying fundamentals."

About Embassy Developments Limited

Embassy Developments Limited (EDL) is one of India's largest listed real estate developers, specialising in the development of residential and commercial projects across key urban markets. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai and Indore. EDL has a diversified residential portfolio with a well-balanced mix of high-value and high-volume developments across mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential projects includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes. EDL holds a long-term debt rating of IVR A- (Stable) from Infomerics and benefits from the strong institutional foundation of its promoter, the Embassy Group, which brings over three decades of experience and a proven track record of delivering and managing more than 100 million sq. ft. across commercial, residential, hospitality, services, and education sectors in India.

Source: None/Company/INE069I01010/2ce38b9c-5b12-42b1-b558-c67eaac5425c.pdf

Embassy developments Limited has provided an update to stock exchanges regarding proceedings before the National Company Law Appellate Tribunal (NCLAT) concerning its Corporate Insolvency Resolution Process (CIRP). The company filed the disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, following a scheduled hearing on April 24, 2026.

NCLAT Hearing Outcome

The matter was listed before the NCLAT Principal Bench in New Delhi on April 24, 2026. Following the conclusion of the hearing, the tribunal reserved its order while granting liberty to both parties to file short written submissions within one week.

Current Legal Status

The company confirmed that the impugned order passed by the National Company Law Tribunal (NCLT) admitting the Corporate Insolvency Resolution Process continues to remain stayed by the NCLAT. This stay order ensures that the NCLT directive remains inoperative, with all related proceedings suspended.

Embassy Developments emphasized its commitment to maintaining high governance standards and timely disclosure practices. The company stated it is providing this update in the interest of all stakeholders, even while the formal order recording the proceedings is awaited.

Operational Continuity

Despite the ongoing legal proceedings, Embassy Developments confirmed that it continues to remain fully operational and financially sound. The stayed NCLT order means that normal business operations are unaffected by the insolvency resolution process.

The company, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, maintains offices in Bengaluru, Mumbai, and its registered office in Gurugram. The disclosure was signed by Company Secretary Vikas Khandelwal and communicated to both BSE Limited and the National Stock Exchange of India Limited as part of regulatory compliance requirements.