NCLT approves Rs 743.29 crore resolution plan for Gupta Builders and Promoters

The National Company Law Tribunal (NCLT), Chandigarh Bench, has approved a resolution plan for Gupta Builders and Promoters Pvt. Ltd., a real estate developer whose homebuyers are among its creditors. In its order delivered on 28 October 2026, the tribunal approved the plan, valued at Rs 743.29 crore, submitted by a consortium of Lala Jugal Kishore Jewellers, Evanka Construction India Private Limited, Bhumi Sagar Infrastructure Private Limited and an individual investor.

What Happened

The company entered the corporate insolvency resolution process on 31 May 2022 on a petition by Area Importers and Exporters Private Limited, a financial creditor. Homebuyers, as a class of creditors, were represented by an authorised representative. The consortium's plan dated 8 April 2023 was the only one received, and the committee of creditors approved it with 93.48% of the vote.

According to the order, the plan's value of Rs 743.29 crore compares with a liquidation value of Rs 382.32 crore. It is to be carried out over five years, with a monitoring committee supervising it. Homebuyers' claims received up to the plan's effective date, and claims pending verification but admitted by then, will get the same treatment as other allottees. If the buyers fail to pay as the plan sets out, everything they have paid will be forfeited, the tribunal directed.

The order records that the Enforcement Directorate had in September 2022 provisionally attached some properties of the company's GBP Centrum project at Zirakpur under the PMLA. These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues. A provisional attachment must be confirmed by the Adjudicating Authority.

An appeal before the NCLAT over whether certain land belongs to the company's assets is pending, and the tribunal said its approval is subject to the outcome of that appeal.

What It Means

For homebuyers in the company's projects, the approval moves the case from claims towards a plan to be carried out over five years. Claims not covered by the plan stand extinguished, and no creditor can claim anything beyond what the plan provides. The order may be appealed to the NCLAT.

Source: NCLT order