Equinox India Developments, formerly Indiabulls Real Estate, had a field day on the markets as its stock soared 20% to ₹143.58, hitting the upper circuit on Tuesday. The surge came hot on the heels of a long-awaited approval from the National Company Law Appellate Tribunal (NCLAT) for its merger with Embassy Group—a deal that’s been stuck in limbo for over five years. This isn’t just another merger—it’s the culmination of a saga. The partnership was first floated back in 2020, with green lights from the Competition Commission of India in 2021 and the Bengaluru bench of the NCLT. But the Chandigarh NCLT bench threw a wrench into the works in 2023, siding with objections from the income tax department. Indiabulls didn’t back down, taking the battle to the NCLAT, which has now dismissed those concerns and cleared the way for the merger. From now The Embassy Group takes the driver’s seat with a majority stake in the newly combined entity. Investors, including Blackstone Real Estate Fund and Baillie Gifford, have already infused ₹3,911 crore into Equinox, signaling high stakes and even higher expectations.