Mahagun Real Estate Clears Two Legacy MCA-Registered Charges Totalling ₹13.6 Crore in January 2026
Two Legacy Charges Cleared as Mahagun Advances Debt Resolution
Mahagun Real Estate Private Limited satisfied two long-standing charges registered with the Ministry of Corporate Affairs on 28 January 2026: one originally registered in December 2017 and another in May 2022. The moves total ₹13.6 crore and mark a continuation of the company's balance-sheet cleanup efforts.
The January clearances came weeks before a significant broader settlement. In mid-February, parties entered into a settlement agreement dated February 12, 2026, and the National Company Law Tribunal (NCLT) allowed the withdrawal of insolvency proceedings against Mahagun after the company reached a settlement with IDBI Trusteeship Services over an alleged default of around Rs 256 crore.
Context: The Manorialle Insolvency
IDBI Trusteeship had initially filed a Section 7 petition against Mahagun claiming a default of Rs 256.48 crore related to non-convertible debentures (NCDs) issued for its Noida-based Mahagun Manorialle project, which were due for redemption between 2022 and 2025. In August 2025, the NCLT passed an order admitting an insolvency plea against Mahagun, appointing an interim resolution professional, and suspending the company's board.
Amit Jain, director of the suspended board of Mahagun (India), then challenged the order before the National Company Law Appellate Tribunal (NCLAT), which set aside the order. That reversal paved the way for negotiated settlement discussions.
Forward Momentum on Manorialle
The development is expected to provide clarity and stability for the ongoing Mahagun Manorialle project, located at Jaypee Wish Town, Sector 128, Noida. The company has outlined a focused execution roadmap and is targeting completion and delivery in a phased manner, with construction activities being accelerated. Mahagun has reiterated its commitment to adhering to the agreed settlement obligations and ensuring sustained progress on construction, with the creditor (IDBI Trusteeship) reserving its rights in accordance with law in the event of any non-adherence to settlement terms.
About Mahagun Group's Structure
Mahagun Real Estate Private Limited was established on 14 February 2008 in Delhi, engaging in real estate builders and developers within the real estate sector, holding CIN: U45200DL2008PTC174063. Leadership includes Shruti Jain (Director) and Amit Jain (Director).
Mahagun Group is a conglomerate of companies operating in the residential, commercial, and hospitality real estate sectors across Noida, Greater Noida, and Ghaziabad. Beyond Manorialle, the group operates recently delivered projects including Mahagun My Woods in sector 16C, Greater Noida-West; Mahagun Mantraa at sector 10, Greater Noida-West; Mahagun Mezzaria at sector 78, Noida; Mahagun Mirabella at sector 79, Noida; and Mahagun Meadow at sector 150, Expressway, Noida. Under-construction projects include Mahagun Medalleo in sector 107, a symbol of success introducing the unique concept of new-age palaces, with prime location and plushest property combining to create something never experienced before.