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

> NCLT judgment dated 2026-08-31. Citation: TCN-2026-NCLT-00981. The Resolution Professional filed an application under Section 33 of the IBC, 2016, to initiate…

- **Court:** NCLT
- **Order date:** 31 Aug 2026
- **Citation:** TCN-2026-NCLT-00981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-sigtia-constructions-pvt-ltd-z9ya1

## Summary

### Background

The Resolution Professional filed an application under Section 33 of the IBC, 2016, to initiate liquidation against Sigtia Constructions Pvt. Ltd. (Main CD) and four other Corporate Debtors whose CIRPs were consolidated. The Main CD was admitted into CIRP in 2025, and an IRP was appointed. The original Financial Creditor (Piramal Capital & Housing Finance Ltd., assignee of DHFL) was later substituted by Omkara Assets Reconstruction Pvt. Ltd. The CIRPs of five related Corporate Debtors were consolidated by NCLT orders.

## 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 process against Sigtia Constructions Pvt. Ltd. (Corporate Debtor).

The Tribunal admitted the Main Corporate Debtor (Sigtia Constructions Pvt. Ltd.) into CIRP vide order dated 07.02.2025 in C.P. (IB)/589(MB)/2023.

Mr. Jayesh Natvarlal Sanghrajka was appointed as the Interim Resolution Professional for the Corporate Debtor.

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).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Sigtia Constructions Pvt. Ltd., and the other four consolidated …

**Ratio:** When no resolution plan is received within the extended CIRP period, or a submitted plan

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**Reasoning:** Despite multiple attempts, including two rounds of Form G publication and condonation of

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

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**Application:** Since no feasible and viable resolution plan was presented or approved by the

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## Parties

- **Judges:** SH. PRABHAT KUMAR…; SH. SUSHIL…
- **Appellants:** Omkara Assets…; Vithal M.…; +2 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) was admitted into CIRP by the Tribunal vide order…
- **2024-01-09 — CIRP Order for…**: CIRP order date for Notion Real…

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