Realty developer Parsvnath Developers has been admitted into corporate insolvency resolution process (CIRP) by the National Company Law Tribunal (NCLT), New Delhi Bench, after a prolonged legal and financial battle with lender Sammaan Capital and subsequently Asset Reconstruction Company India Limited (ARCIL).
The insolvency proceedings stem from a Section 7 petition filed by Sammaan Capital, formerly Indiabulls Housing Finance, over alleged loan defaults by Parsvnath. The debt was later assigned to ARCIL. The tribunal admitted the company into insolvency on April 30, 2026, after settlement talks between the parties repeatedly failed.
In its defence before the tribunal, Parsvnath claimed that the lender had sanctioned…