Mumbai: The National Company Law Tribunal (NCLT) has admitted Kotak Mahindra Bank‘s insolvency petition against Unity Realty and Developers over a claimed default of ₹68.49 crore, paving the way for initiation of the corporate insolvency resolution process (CIRP) against the Mumbai-based real estate company.The Mumbai bench of the tribunal, in an order pronounced on September 22, admitted the petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) on February 25.
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The financial creditor had claimed the amount in default as of August 31, 2025, with September 23, 2023, stated as the date of default. Unity Realty and Developers is a…