The National Company Law Tribunal (NCLT) has officially initiated the Corporate Insolvency Resolution Process (CIRP) against real estate developer Mahagun (India) Private Limited. The decision, pronounced on August 5, 2025, comes after the company failed to repay a significant outstanding debt of over ₹260 crore.
The application to the tribunal was filed by IDBI Trusteeship Services Limited, acting as the debenture trustee for Asia Real Estate II India Opportunity Trust. The debt originates from secured, senior, unlisted, non-convertible debentures that Mahagun had issued in December 2020. The document reveals that IDBI Trusteeship Services had extended a secured debt and facility by subscribing to these debentures,…