# Omkara Assets Reconstruction Private Limited vs. Sigtia Constructions Private Limited

> NCLT judgment dated 2026-08-31. Citation: TCN-2026-NCLT-01001. The main Corporate Debtor, Sigtia Constructions Pvt. Ltd., was admitted into CIRP. The original…

- **Court:** NCLT
- **Order date:** 31 Aug 2026
- **Citation:** TCN-2026-NCLT-01001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-sigtia-constructions-private-lim-m7j9g

## Summary

### Background

The main Corporate Debtor, Sigtia Constructions Pvt. Ltd., was admitted into CIRP. The original Financial Creditor (Piramal Capital & Housing Finance Ltd./DHFL) assigned its debt to Omkara Assets Reconstruction Pvt. Ltd., which was substituted as the Financial Creditor. CIRP for four other Corporate Debtors was also initiated and subsequently consolidated with the main CD's CIRP. Mr. Jayesh Natvarlal Sanghrajka was initially appointed IRP, and later Mr. Vithal M. Dahake became the Resolution Professional for all CDs.

## Facts

An Interlocutory Application (IA(IBC)(LIQ.)/ 57(MB)2026) was filed on 14.08.2026 by RP Mr. Vithal M. Dahake under Section 33 of IBC, 2016, to initiate liquidation against Sigtia Constructions Pvt. Ltd. (Corporate Debtor).

The Tribunal admitted the Main Corporate Debtor into CIRP on 07.02.2025 and appointed Mr. Jayesh Natvarlal Sanghrajka as IRP.

The Company Petition was initially filed by M/s. Piramal Capital & Housing Finance Ltd. (erstwhile FC), based on a loan disbursed by M/s. Dewan Housing Finance Ltd. (DHFL).

DHFL was admitted into CIRP on 03.12.2019, and its resolution plan was approved, leading to its reverse merger with the erstwhile FC.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtors, including Sigtia Constructions Pvt. Ltd., Notion Real Estate Pvt. …

**Ratio:** An order for liquidation of a corporate debtor must be passed by the Adjudicating

…

**Reasoning:** The Consolidated Committee of Creditors (CoC) found the sole submitted Resolution Plan to

…

**Interpretation:** Section 33(1)(a) and (b) of the IBC, 2016, empower the Adjudicating Authority

…

**Application:** Given that no feasible and viable resolution plan was received within the

…

## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Omkara Assets…; Vithal M.…; +3 more
- **Respondents:** Sigtia Constructio…; NOTION REAL…; +3 more
- **Other parties:** Omkara ARC Pvt.…; Nikhil S…; +3 more

## Timeline

- **2019-08-16 — Sanction…**: Main CD defaulted on…
- **2019-12-03 — DHFL CIRP Ad…**: DHFL admitted into CIRP by Tribunal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-sigtia-constructions-private-lim-m7j9g