Mahagun Group Insolvency Withdrawn After Settlement

Insolvency proceedings against Mahagun Group, a realty firm, have been withdrawn by the India===National Company Law Tribunal (NCLT) following a settlement with its financial creditor, IDBI Trusteeship Services. IDBI Trusteeship Services had initiated the Corporate Insolvency Resolution Process (CIRP) against Mahagun Group over a default of approximately 256 crore rupees related to non-convertible debentures (NCDs) issued for its Mahagun Manorialle project in Noida. The NCLT had initially admitted the insolvency application in August 2025, but the India===National Company Law Appellate Tribunal (NCLAT) later set aside this order in November 2025, remanding the matter for fresh consideration. A settlement agreement was reached between Mahagun Group and IDBI Trusteeship Services on February 12, 2026, leading to IDBI Trusteeship Services filing an application to withdraw the insolvency petition. The NCLT, in its order dated February 17, 2026, dismissed the petition as withdrawn. Mahagun Group has committed to accelerating construction and delivering the Mahagun Manorialle project by March 2027, aiming to restore customer confidence and ensure timely execution.