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The Economic Times

Economy / The Economic Times

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NCLT voids Rs 525-cr guarantee, Mumbai land transfer in JLS Realty dispute

The NCLT has invalidated multiple transactions involving JLS Realty Pvt Ltd, including its transfer of redevelopment land. The tribunal found that the transfer to Spenta Suncity lacked commercial benefit and involved financial obligations. Management changes made in February 2021 were deemed invalid due to improper procedures and lack of justification. Additionally, share transfer claims by IIFL were ruled as unproven and unsubstantiated during the tribunal's examination.

31 Oct 2026 7:16 pm