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

> NCLT judgment dated 2026-08-31. Citation: TCN-2026-NCLT-00982. The case involves an Interlocutory Application filed by the Resolution Professional for the…

- **Court:** NCLT
- **Order date:** 31 Aug 2026
- **Citation:** TCN-2026-NCLT-00982
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-sigtia-constructions-pvt-ltd-54xbz

## Summary

### Background

The case involves an Interlocutory Application filed by the Resolution Professional for the liquidation of Sigtia Constructions Pvt. Ltd. and four other consolidated Corporate Debtors. The Corporate Insolvency Resolution Process (CIRP) for these entities was initiated, and after debt assignment, Omkara Assets Reconstruction Pvt. Ltd. became the sole secured Financial Creditor and a key member of the Committee of Creditors (CoC). Despite consolidation of the CIRP and multiple attempts to solicit resolution plans, only one Prospective Resolution Applicant emerged, whose revised plan was deemed unviable and unfeasible by the CoC due to numerous deficiencies. The Corporate Debtor's management also failed to cooperate.

## Facts

An Interlocutory Application (IA(IBC)(LIQ.)/ 57(MB)2026) was filed on 14.08.2026 by the Resolution Professional Mr. Vithal M. Dahake under Section 33 of IBC, 2016, for initiating liquidation against SIGTIA CONSTRUCTIONS PVT. LTD. (Corporate Debtor).

The Tribunal admitted the Main Corporate Debtor (Sigtia Constructions Pvt. Ltd.) into CIRP on 07.02.2025 and appointed Mr. Jayesh Natvarlal Sanghrajka as the Interim Resolution Professional.

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) to the Main Corporate Debtor.

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

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed by the Resolution Professional for initiating …

**Ratio:** The Adjudicating Authority shall pass a liquidation order if no resolution plan is

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**Reasoning:** The Consolidated CoC found the revised Resolution Plan not viable and feasible due to

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**Interpretation:** Section 33(1)(a) and (b) of the IBC mandate liquidation if no resolution plan

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**Application:** The application for liquidation is allowed for all five Corporate Debtors

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Omkara Assets…; Vithal M.…; +3 more
- **Respondents:** SIGTIA CONSTRUCTIO…; NOTION REAL…; +4 more
- **Other parties:** Omkara ARC Pvt.…; Nikhil S…; +4 more

## Timeline

- **2019-12-03 — DHFL CIRP Ad…**: M/s. Dewan Housing Finance Ltd. (DHFL)…
- **2024-09-05 — Substitution of…**: M/s. Omkara Assets Reconstruction Pvt. Ltd. was substituted as the Financial Creditor for…

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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-pvt-ltd-54xbz