UpdateMar 2026
NCLAT Modifies NCLT Order, Restricts Vatika Insolvency CIRP Solely to 'Aspirations' Project in Sector 88B, Gurgaon
On March 27, 2026, the NCLAT Principal Bench (New Delhi) upheld the CIRP against Vatika Ltd but restricted the insolvency proceedings exclusively to the 'Aspirations' project in Sector 88B, Gurgaon, barring extension to the developer's other 58 projects across Haryana and NCR.
FinancialFeb 2026
NCLT Admits CIRP Against Vatika Ltd Over ₹274 Crore NCD Default on 'Aspirations' Project
The National Company Law Tribunal (NCLT), Chandigarh Bench, admitted a Corporate Insolvency Resolution Process (CIRP) against Vatika Ltd on February 3, 2026, following a ₹274 crore default claim on Non-Convertible Debentures by IDBI Trusteeship Services. The proceedings were triggered by unpaid NCD interest and principal linked to the 'Aspirations' project in Gurgaon.
