The case before the Court concerned the insolvency process initiated against real estate developer Takshashila Heights India Private Limited.
Takshashila Heights had availed loans of ₹70 crore in 2018 from ECL Finance Limited for the development of a residential-cum-commercial project titled “Takshashila Elegna” in Ahmedabad. The loan was later assigned to Edelweiss Asset Reconstruction Company Limited (EARCL).
Following delays in repayment, the loan accounts were classified as non-performing assets in December 2021. Edelweiss initiated recovery proceedings and later entered into a restructuring-cum-one-time settlement with the developer in 2023. After further defaults, the settlement was revoked and insolvency proceedings were…