Embassy developments Limited has notified stock exchanges about the adjournment of its National Company Law Appellate Tribunal (NCLAT) proceedings, originally scheduled for January 22, 2026. The company filed this update under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

NCLAT Proceedings Update

The matter listed before the Hon'ble NCLAT Principal Bench in New Delhi could not be taken up due to paucity of time during the scheduled hearing. The proceedings have been rescheduled for February 5, 2026, for further arguments.

Current Legal Status

Embassy Developments confirmed that the impugned order passed by the National Company Law Tribunal (NCLT) regarding the Corporate Insolvency Resolution Process (CIRP) continues to remain stayed by the NCLAT. This stay order ensures that:

• The NCLT order remains inoperative
• All proceedings arising from the NCLT order remain suspended
• The company maintains full operational capacity
• Financial soundness remains intact

Corporate Governance Commitment

The company emphasized its commitment to high standards of governance and timely disclosure in the interest of all stakeholders. Despite the formal adjournment order being awaited, Embassy Developments proactively shared this update to maintain transparency with investors and regulatory authorities.

Company Operations

Embassy Developments, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, continues its normal business operations. The ongoing legal proceedings have not impacted the company's day-to-day activities or financial stability.

The notification was signed by Company Secretary Vikas Khandelwal and communicated to both BSE Limited and National Stock Exchange of India Limited on January 23, 2026. Investors and stakeholders await the next hearing scheduled for February 5, 2026, for further developments in the NCLAT proceedings.

Embassy Developments Ltd. has announced its strategic expansion into the Mumbai Metropolitan Region, marking a significant milestone as the company launches its first residential developments under the Embassy brand in India's financial capital. The expansion encompasses three marquee residential projects with a combined Gross Development Value exceeding ₹12,000 crore.

Strategic Investment and Market Entry

The company plans to invest approximately ₹4,500 crore to establish its Mumbai footprint through developments in Worli, Juhu, and Alibaug. Together, these projects represent a total development area of around 1.58 million sq. ft. in RERA carpet area, with launches planned to commence from Q4 FY2026.

Embassy Citadel, Worli - Flagship Development

The centerpiece of this expansion is Embassy Citadel, an ultra-luxury residential development in Worli. Located near the Four Seasons hotel, this single-tower development encompasses approximately 1 million sq. ft. in RERA carpet area with a GDV exceeding ₹8,800 crore. The project features 3-, 4- and 5-bedroom homes, along with two exclusive triplex mansion residences.

A distinctive aspect of Embassy Citadel is its seven-level amenity and lifestyle space, spanning nearly 100,000 sq. ft. - over 10% of the total development area. The five-level clubhouse includes a professional-grade padel court, bowling alley, spa, and seven guest suites. The project has received RERA approval.

Additional Mumbai Projects

Juhu Ultra-Luxury Development

The proposed Juhu project spans approximately 0.33 million sq. ft. in RERA carpet area with an estimated GDV of ₹3,000 crore. This low-density development features approximately 50 homes across 2+ acres, designed for multi-generational urban families with wellness-focused amenities and community-centric spaces. The project is currently pending approvals.

Alibaug Lifestyle Project

The third project marks Embassy Developments' entry into the lifestyle and second-home residential segment. The Alibaug development comprises approximately 0.20 million sq. ft. in RERA carpet area with a GDV of ₹400 crore. Envisioned as a low-rise, nature-integrated development, it focuses on open spaces, wellness, and experiential living for buyers seeking resort-style residences within driving distance of Mumbai. This project is also pending approvals.

Company Performance and Outlook

Over the past year, Embassy Developments has focused on strengthening governance and restoring customer confidence through execution. The company has successfully completed and handed over six residential projects, delivering homes to over 3,300 families, including three projects in Mumbai across Worli, Lower Parel, and Thane.

The company remains on track to achieve pre-sales of approximately ₹5,000 crore in FY26, supported by robust demand and a calibrated pipeline of planned launches. With a land bank exceeding 3,000 acres and a comfortable debt-equity position, Embassy Developments is positioned for responsible scaling.

Leadership Perspective

Jitu Virwani, Chairman of Embassy Developments Ltd., emphasized the company's three-decade legacy of creating enduring developments. Aditya Virwani, Managing Director, highlighted Mumbai as the country's deepest residential market, noting the company's strategy of building high-conviction developments rather than pursuing volume.

The expansion coincides with a refreshed brand identity, reflecting the company's next phase of growth and renewed mission to exceed expectations in concept, delivery, and residential experiences.

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