Parsvnath Developers Limited has informed the exchanges that the National Company Law Tribunal (NCLT), New Delhi Bench, has admitted a petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) against the company. The order, dated April 30, 2026, was uploaded on the NCLT website on May 12, 2026. The petition was filed by Asset Reconstruction Company (India) Ltd., acting as a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The admission follows a default of Rs. 452,34,19,608. Parsvnath Developers stated that the tribunal has appointed Mr. Manoj Kumar Anand as the Interim Resolution Professional (IRP). Mr. Anand holds registration number IBBI/IPA-001/IP-P00084/2017-18/10180.

Legal Proceedings and Restrictions

The NCLT order includes a specific restraint on the newly appointed IRP. The tribunal has directed that the IRP shall not take any precipitative steps regarding the company and its assets. This restriction is in place pending the outcome of proceedings related to an appeal filed by the company under Section 37 of the Arbitration and Conciliation Act, 1996.

The appeal, registered as FAO(OS)(COMM.) 43 of 2026, is currently pending before the Division Bench of the Hon'ble High Court of Delhi. The matter is scheduled to be heard on May 25, 2026. The NCLT noted that the present order would abide by the outcome of the proceedings pending before the Division Bench of the Delhi High Court.

Background of the Dispute

The financial creditor, Asset Reconstruction Company (India) Ltd., had previously assigned the debt from Sammaan Capital Limited. The tribunal observed that there was sufficient material on record to establish the disbursement of the debt and the occurrence of a default. While the company raised contentions regarding the reconciliation of loan accounts and the adjustment of amounts, the tribunal ruled that these could be considered as counter-claims at the stage of filing proof of claims during the resolution process.

The tribunal has directed the petitioner to deposit Rs. 2,00,000 with the IRP to meet immediate expenses, subject to adjustment by the Committee of Creditors. A copy of the order has been communicated to the parties involved and the Insolvency and Bankruptcy Board of India (IBBI).

Parsvnath developers Limited has successfully completed its residential township project 'Saatvik Green NX' in Indore, marking another milestone in the company's expansion across major Indian cities. The project, developed in collaboration with RRHL Realty Limited, spans a substantial area and offers modern residential facilities to homebuyers.

Project Specifications and Location

The 'Saatvik Green NX' project is strategically positioned at Raukhedi, Indore (MP), covering an impressive land area as detailed below:

The project enjoys excellent connectivity, situated near Manglia Toll Plaza with convenient access to key city landmarks. Residents benefit from proximity to educational institutions, recreational facilities, and shopping centers, while being just 20 km from Indore Railway Station, 12 km from Bombay Hospital, and 11 km from the Radisson Hotel.

Development Timeline and Completion

The project demonstrates efficient execution with a clear development timeline:

The township has been designed to provide comprehensive facilities within the development, offering residents the opportunity to live in peaceful surroundings while maintaining excellent connectivity to the city's major landmarks.

Company Background and Market Presence

Parsvnath Group maintains a significant presence across India's real estate landscape, operating in over 37 major cities including New Delhi, Gurugram, Noida, Greater Noida, Indore, Jodhpur, Lucknow, Moradabad, and Ujjain. The company's portfolio spans 13 states and encompasses various project types including contemporary residential spaces, state-of-the-art office complexes, commercial developments, affordable housing, and shopping malls. The group has successfully delivered 68 projects to date.

Management Commentary

Mr. Pradeep Jain, Chairman of Parsvnath Developers Limited, emphasized the company's strategic focus, stating that "The Company is focusing on execution of on-going projects to achieve 'MISSION POSSESSION'." This statement reflects the organization's commitment to timely project delivery and customer satisfaction in the competitive real estate market.