Indiabulls Real Estate Set for Merger with Embassy Group After NCLAT Approval

In a significant development for Indiabulls Real Estate Ltd (IBREL) and Embassy Group, the National Company Law Appellate Tribunal (NCLAT) has sanctioned the merger between the two real estate firms. This decision overturns the previous order of the National Company Law Tribunal (NCLT), Chandigarh, which had stalled the merger process over valuation concerns raised by the Income Tax Department. After thorough examination, NCLAT has concluded that the NCLT had erred in its decision to interfere with the valuations conducted using standard methods. The merger aims to create a pan-India real estate powerhouse by combining IBREL's presence in North India with NAM Estates and Embassy One's operations in South India. The transferee company, IBREL, has taken responsibility for any tax liabilities arising from this merger, which has already been approved by nearly 100% of shareholders and creditors, demonstrating significant commercial support.