NCLT blocks merger of Indiabulls co, Embassy units


NEW DELHI: The National Company Law Tribunal (NCLT), Chandigarh Bench, has held back on real estate company merger embassy groupis using certain residential and commercial projects Indiabull’s real estateresulting in a 20% decline in shares of the Indiabulls group company.
Indiabulls Real Estate, based in Mumbai, said it would decide how to proceed after reading the ruling and will consider options, including filing an appeal against the NCLT order.
in August 2020, Real estate company based in Bengaluru Embassy Group has entered into an agreement to merge certain residential and commercial projects with Indiabulls Real Estate under a cashless merger plan. Embassy Group will be the sponsor of the combined company.
Indiabulls Real Estate shares fell 20% to trade at Rs 55.3 a share on the BSE. The market value fell by Rs.749 crore to Rs.2,998 crore. Indiabulls Real Estate said the merger plan has already been approved by the relevant NCLT bank in Bengaluru NAM Estates and Embassy One, April 2022.
“The Chandigarh bank responsible for Indiabulls had expressed concerns about the merger due to objections raised by the IT department. These objections do not materially impact the merger and have been raised prior to the NCLT,” Indiabulls said.

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