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

> NCLT judgment dated 2026-08-31. Citation: TCN-2026-NCLT-00980. The Corporate Debtor, Sigtia Constructions Pvt. Ltd., was admitted into Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 31 Aug 2026
- **Citation:** TCN-2026-NCLT-00980
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-sigtia-constructions-pvt-ltd-jnw3j

## Summary

### Background

The Corporate Debtor, Sigtia Constructions Pvt. Ltd., was admitted into Corporate Insolvency Resolution Process (CIRP). The original Financial Creditor, Piramal Capital & Housing Finance Ltd., assigned its debt to Omkara Assets Reconstruction Pvt. Ltd., which was subsequently substituted as the Financial Creditor. CIRP for four other related Corporate Debtors was also initiated by different benches and later consolidated with the main Corporate Debtor's CIRP by the NCLT.

## 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, for initiating liquidation against Sigtia Constructions Pvt. Ltd. (Corporate Debtor).

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

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

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## Issues and analysis

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

**Ratio:** Section 33(1)(a) and (b) of the IBC, 2016, mandates the Adjudicating Authority to pass a

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**Reasoning:** The Tribunal found that no viable and feasible resolution plan was received within the

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**Interpretation:** The phrase "does not receive a resolution plan" or "rejects the

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**Application:** Given the failure to receive an approved resolution plan and the CoC's

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## 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 Lett…**: Main CD defaulted on…
- **2019-12-03 — DHFL CIRP Ad…**: DHFL admitted into CIRP by Tribunal vide…

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