Embassy Developments Limited has provided an update to stock exchanges regarding ongoing proceedings before the National Company Law Appellate Tribunal (NCLAT) concerning a Corporate Insolvency Resolution Process (CIRP) matter. The company filed this intimation under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

NCLAT Hearing Progress

The matter appeared before the Hon'ble NCLAT on February 27, 2026, where the tribunal heard submissions from the company's legal counsel. Following the proceedings, the matter has been treated as part-heard and scheduled for continuation on March 13, 2026.

Current Legal Status

The company has confirmed that the impugned order passed by the National Company Law Tribunal (NCLT), which allegedly admitted the Corporate Insolvency Resolution Process, continues to remain stayed by the NCLAT. This stay order ensures that:

• The NCLT order remains inoperative
• All proceedings arising from the NCLT order continue to be stayed
• The company maintains its operational status without disruption

Company Operations

Embassy Developments Limited has emphasized that despite the ongoing legal proceedings, the company continues to remain fully operational and financially sound. The stay on the NCLT order allows the company to conduct its business activities without interference from the insolvency proceedings.

Regulatory Compliance

This update follows the company's previous intimation dated February 20, 2026, on the same subject matter. The disclosure fulfills the company's obligations under SEBI regulations to keep investors and stakeholders informed about material developments that could impact the company's operations or financial position.

The company, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, continues to monitor the legal proceedings closely and will provide further updates as developments occur in the NCLAT hearings.

Embassy developments Limited has received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for Phase I of Embassy Serenity, its first residential project in Alibaug within the Mumbai Metropolitan Region (MMR). This approval marks the company's strategic entry into the lifestyle and second-home segment, targeting the growing demand for premium retreat destinations.

Project Overview and Specifications

Embassy Serenity is positioned as a resort-style retreat located in Thal Village, Alibaug, often referred to as the 'Hamptons of Mumbai'. The project has been designed to combine tranquility with excellent connectivity to Mumbai via upgraded road and ferry infrastructure.

The development is designed as a nature-first project where architecture is shaped by the landscape rather than imposed upon it. The project brings together globally acclaimed partners including Broadway Malyan (UK) for architecture and Coopers Hill (Singapore) for landscape design.

Design and Amenities

Nestled on a lush hillside, Embassy Serenity features architecture articulated through soft curvilinear forms, open terraces, and vertical elements that create a dialogue between contemporary architecture and the tropical setting. While not beach-facing, the project's immersive forest environment becomes its defining luxury feature.

The project includes a curated suite of amenities designed to support both social engagement and relaxation:

• Clubhouse facility
• Resort-style pool with poolside bar and café
• Tennis, padel and pickleball courts
• Multiple spaces for intimate and larger gatherings
• Traffic-free podium design

Management Commentary

Sachin Shah, CEO & Executive Director of Embassy Developments Limited, commented on the development: "What we are seeing in Alibaug is not a trend, but a structural shift in how India's most discerning homebuyers want to live. For many HNIs and UHNIs, the second home is more than a weekend escape – it is an extension of their primary lifestyle, where privacy, space, service, and setting matter as much as the location."

Professional Management and Services

The residences at Embassy Serenity will be professionally managed by Embassy Services Private Limited (ESPL). Homeowners will have access to WAYS (World At Your Service), which provides personalised lifestyle and housekeeping packages exclusive to Embassy residential communities.

Recent Performance Context

The RERA approval comes amid strong operating performance for Embassy Developments Limited. The company reported robust Q3 FY26 performance with pre-sales of ₹1,392 crore representing approximately 240% quarter-on-quarter growth, collections of ₹414 crore, and multiple RERA approvals across projects with an aggregate GDV exceeding ₹12,800 crore.

This performance has reinforced the company's growth visibility for FY26 and demonstrates its expanding presence across key urban markets including Bengaluru, the Mumbai Metropolitan Region, and the National Capital Region.

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