NCLAT sets aside NCLT order against Embassy Development over Canara Bank plea. Insolvency proceedings halted due to IBC Section 10A.
New Delhi, May 4 (PTI) Appellate tribunal NCLAT has set aside an NCLT order that allowed insolvency proceedings against realty firm Embassy Development.
The Delhi bench of the National Company Law Tribunal (NCLT), in December 2025, directed the initiation of insolvency proceedings against the realty firm over a plea filed by Canara Bank. The bank had alleged that Embassy Development owed Rs 200 crore as a corporate guarantor to a loan given to Indiabulls Realtech (now Simar Thermal Power).
This NCLT order was challenged in the appellate tribunal by Rajesh Kaimal, who was part of the suspended board of Embassy…