Parsvnath Developers Limited has delayed the submission of its standalone and consolidated financial results for the quarter and year ended March 31, 2026, due to unavoidable circumstances. The real estate developer, currently undergoing the Corporate Insolvency Resolution Process, cited operational challenges for the deferment, which impacts the scheduled deadline of May 28, 2026.

The company addressed the communication to the National Stock Exchange of India Limited and BSE Limited, referencing SEBI Circular CIR/CFD/CMD-1/142/2018 dated November 19, 2018, and Regulation 33 of the SEBI (LODR) Regulations, 2015. The disclosure confirms that the management is endeavoring to ensure compliance with the Listing Regulations despite the existing constraints.

The filing was signed by Atul Kumar Gupta, Company Secretary and Compliance Officer of Parsvnath Developers Limited. The company requested the exchanges to acknowledge the receipt of this communication regarding the deferment of its financial results.

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).