The National Company Law Appellate Tribunal (Principal Bench, New Delhi) has set aside the National Company Law Tribunal’s order admitting a Corporate Insolvency Resolution Process (CIRP) against the entirety of Mahagun (India) Pvt. Ltd., directing that the proceedings be reconsidered with a view to confining them only to the defaulting “Mahagun Manorialle” project.
The order came in a batch of interconnected appeals filed by the suspended director of Mahagun (India) Pvt. Ltd., Manorialle Social Welfare Society representing homebuyers, and Aditya Birla Capital Ltd., a secured creditor for other projects of the company. The appeals challenged the NCLT’s order dated 05.08.2025, which had admitted a Section 7 petition filed…