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

> NCLT judgment dated 2026-08-31. Citation: TCN-2026-NCLT-00979. The case originates from an Interlocutory Application (IA) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 31 Aug 2026
- **Citation:** TCN-2026-NCLT-00979
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-sigtia-constructions-pvt-ltd-62fbk

## Summary

### Background

The case originates from an Interlocutory Application (IA) filed by the Resolution Professional, Mr. Vithal M. Dahake, seeking the initiation of liquidation proceedings against SIGTIA CONSTRUCTIONS PVT. LTD. and four other consolidated Corporate Debtors under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Main Corporate Debtor was admitted into CIRP on 07.02.2025, following a petition initially filed by M/s. Piramal Capital & Housing Finance Ltd., whose debt was subsequently assigned to M/s. Omkara Assets Reconstruction Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) for five Corporate Debtors was consolidated by the NCLT. Despite multiple attempts and extensions, only one Prospective Resolution Applicant submitted a plan, which was

…

## 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 the IBC, 2016, to initiate liquidation process 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 Mr. Jayesh Natvarlal Sanghrajka was appointed as the Interim Resolution Professional.

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

…

## 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

…

**Reasoning:** No viable and feasible Resolution Plan was received within the extended CIRP period. The

…

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

…

**Application:** The Tribunal, finding no Resolution Plan for consideration and the CoC having

…

## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Omkara Assets…; Vithal M.…; +2 more
- **Respondents:** SIGTIA CONSTRUCTIO…; NOTION REAL…; +4 more
- **Other parties:** Omkara ARC Pvt.…; Nikhil S…; +5 more

## Timeline

- **2019-08-16 — Sanction Lette…**: Main Corporate Debtor received a…
- **2019-12-03 — DHFL Admitted…**: M/s. Dewan Housing Finance Ltd. (DHFL) was admitted into CIRP by the Tribunal vide order…

---

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-62fbk