Embassy Developments Ltd, erstwhile Equinox India Developments and earlier Indiabulls Real Estate Ltd, saw its shares rallying 20 per cent in Wednesday's trade, as the Corporate Insolvency Resolution Process (CIRP) against the company under the Insolvency and Bankruptcy Code, 2016 (IBC), has been quashed. All consequential directions arising from the NCLT order stand terminated, Embassy Developments told BSE and NSE post market hours of Tuesday.

Following the development, the stock hit its 20 per cent upper circuit limit at Rs 57.99 on BSE, taking its one month gains to 27.34 per cent. Embassy Developments said circulars have been issued by BSE and National Stock Exchange of India (NSE), both dated May 5, in accordance with the applicable surveillance framework of the stock exchanges, addding that the equity shares of the company have been moved out of the IBC classification. 

Embassy Developments Limited constructs and develops residential and commercial projects across Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR).

"The Additional Surveillance Measure (ASM) Framework, and the normal trading in the equity shares of the company will resume with effect from May 6, 2026," Embassy Developments said in an exchange filing. 

Embassy Developments said the National Company Law Appellate Tribunal (NCLAT), in its final order dated May 4, 2026, allowed it's appeal and set aside the impugned order dated December 9, 2025, passed by the NCLT New Delhi Bench, which had admitted the CIRP against the company.

"The interim protection granted earlier by the Hon'ble NCLAT stands subsumed into the final order. The CIRP against the company stands quashed, and all consequential directions arising from the NCLT order stand terminated," the company said.

Apart from constructing residential and commercial projects, Embassy Developments  also undertakes leasing, renting, property management, and acts as a real estate agent and property dealer. In addition, it engages in related civil, structural, and infrastructure works such as roads, bridges, drainage, water supply, power plants, and other allied facilities, including preparation of plans, designs, and estimates for such projects.