NCLT Issues Notice to Saga Developers in Rs 504.8 Crore Insolvency Case

NCLT directs CFM Asset Reconstruction to serve notice on Saga Developers for a Rs 504.8 crore insolvency petition.
Corporate debtor Saga Developers given 7 days to file a reply to the Section 7 petition under IBC.
Petitioner CFM ARC claims default on assigned term loan, has filed default information with NeSL.
Matter listed for next hearing on July 7, 2026, failure to reply will lead to ex-parte hearing.