Vatika faces insolvency for unpaid ₹274cr dues
Business
Vatika Ltd is now facing insolvency after defaulting on dues of about ₹274 crore arising from non-convertible debentures (NCDs).
The trouble began when IDBI Trusteeship flagged unpaid non-convertible debentures (NCDs), which included not just the principal but also interest and other charges.
The NCLT stepped in in early February 2026, officially kicking off the resolution process.
Vatika tried to argue that they had more time to pay
The missed non-convertible debentures (NCDs) were backed by two land parcels in Gurgaon.
Vatika tried to argue that they had more time to pay, but the tribunal didn't agree and instead appointed Jayant Prakash as interim resolution professional.