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A Gurgaon-based real estate firm has entered the corporate insolvency resolution process after a default claim of approximately INR 274 crore was raised by IDBI Trusteeship Services on behalf of non-convertible debenture holders. The claim covers principal, interest, default interest, and a fixed redemption premium, secured against land in Harsaru, Gurgaon. The developer has contested the default, stating that the NCD redemption dates were extended with consent from the investment manager, making the petition premature. The National Company Law Tribunal appointed an interim resolution professional to manage the proceedings.
A Gurgaon-based real estate developer is undergoing insolvency proceedings after IDBI Trusteeship Services filed an application on behalf of its non-convertible debenture (NCD) holders, citing a default of about INR 274 crore. The Chandigarh bench of the National Company Law Tribunal (NCLT) admitted the case under the Corporate Insolvency Resolution Process (CIRP) and appointed Jayant Prakash as an interim resolution professional to manage the company's operations during the process. Advertisement
The default claim includes a principal of INR 146 crore, interest of INR 29.37 crore, default interest of INR 43.32 crore, and a fixed redemption premium of INR 55.43 crore. The NCDs were secured by an equitable mortgage over roughly 12.215 acres, with 6.64 acres owned by Aplin Developers Pvt Ltd and 5.575 acres owned by Malvina Developers Pvt Ltd in Village Harsaru, Gurgaon.
The developer has challenged the insolvency petition, arguing that the claim is premature. Under the original trust deed, the NCD redemption date was June 30, 2022. However, the company obtained extensions based on project requirements, first to June 30, 2023, and then to June 30, 2024, with approval from Indiabulls Asset Management Company Ltd, the investment manager representing debenture holders. The company's legal team stated that since the redemption date had not fallen due when the petition was filed on January 24, 2024, there was no legal default.
This insolvency action comes amid wider regulatory and operational pressures on the company. In the past, the Enforcement Directorate attached assets linked to allegations of project delays and fund misuse, while homebuyers won court rulings for delayed possession and compensation claims. These actions reflect ongoing financial and legal challenges faced by the company and underline the risk environment for investors and stakeholders in India's real estate sector.
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