Relief for Mahagun as NCLT okays settlement with IDBI
The NCLT dismissed an insolvency petition against Mahagun after a settlement agreement was reached with IDBI Trusteeship Services Ltd.Summary
The National Company Law Tribunal (NCLT) has dismissed an insolvency petition filed by IDBI Trusteeship Services Ltd against Mahagun, a real estate firm, following a settlement agreement signed on February 12, 2026. The initial insolvency application, admitted by the tribunal in August 2023, was previously challenged and remanded back to the NCLT by the National Company Law Appellate Tribunal (NCLAT). The settlement allows IDBI Trusteeship to revive the petition if Mahagun fails to adhere to the agreed-upon terms. This resolution is expected to benefit homebuyers and investors in Mahagun Manorialle, a residential project in Noida comprising approximately 400 units across six 40-floor towers. Mahagun has committed to completing the project by March 2027 and prioritizing transparency and timely possession for its customers, stating that the resolution will allow them to focus on execution and restore buyer confidence. A company spokesperson emphasized their dedication to delivering high-quality apartments as promised.
(Source：The Times Of India)