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Embassy Developments (EMBDL) CIRP Stay Continues; Next NCLAT Hearing on March 19, 2026
Embassy Developments Limited (EMBDL) provided an update on the NCLAT proceedings regarding the Corporate Insolvency Resolution Process (CIRP). During the hearing on March 13, 2026, the company's senior counsels completed their arguments, but the matter was adjourned to March 19, 2026, following a request from the respondents. Crucially, the NCLT order admitting the company into CIRP remains stayed by the NCLAT, making it currently inoperative. The company maintains that it remains fully operational and financially sound despite the ongoing legal dispute.
Key Highlights
NCLAT hearing held on March 13, 2026, with the next date set for March 19, 2026
The NCLT order admitting the company into CIRP remains stayed and inoperative
Company's senior counsels have completed their submissions and arguments
Management confirms the company is fully operational and financially sound
💼 Action for Investors
Investors should monitor the outcome of the March 19, 2026, hearing as it will determine the status of the insolvency stay. Maintain a cautious stance until the legal uncertainty regarding the CIRP is fully resolved.
Embassy Developments Sells 500+ Units for ₹495 Cr in 4 Days at Embassy Verde Phase II
Embassy Developments Limited (EMBDL) reported a significant sales milestone, selling over 500 units of its Embassy Verde Phase II project in North Bengaluru within just four days. This rapid sell-through generated a topline of approximately ₹495 crore, showcasing strong demand for integrated township living. The company has already launched ₹4,300 crore of Gross Development Value (GDV) in North Bengaluru during FY26. Looking ahead, EMBDL has a robust pipeline with an estimated ₹12,500 crore of GDV planned for upcoming phases in the same micro-market.
Key Highlights
Achieved ~₹495 crore topline from the sale of 500+ units in just 4 days of launch.
Embassy Verde Phase II features a total saleable area of 7.38 lakh square feet across 702 residential units.
The company has launched ~₹4,300 crore of Gross Development Value (GDV) in North Bengaluru in FY26.
Future growth is supported by a planned pipeline of ~₹12,500 crore estimated GDV in the region.
💼 Action for Investors
Investors should take note of the high sales velocity which indicates strong brand equity and provides clear revenue visibility. Monitor the execution and launch timelines of the remaining ₹12,500 crore GDV pipeline as these will be primary growth drivers.
Embassy Developments (EMBDL) CIRP Stay Extended by NCLAT to March 13
Embassy Developments Limited (EMBDL) provided an update regarding the Corporate Insolvency Resolution Process (CIRP) proceedings. During the hearing on February 27, 2026, the National Company Law Appellate Tribunal (NCLAT) continued the stay on the NCLT order that had allegedly admitted the company into insolvency. The matter is now treated as part-heard and is scheduled for further arguments on March 13, 2026. The company maintains that it remains fully operational and financially sound while the legal proceedings are ongoing.
Key Highlights
NCLAT has extended the stay on the NCLT order admitting the company into CIRP.
The next hearing for continuation of arguments is scheduled for March 13, 2026.
Management confirms the company remains fully operational and financially sound.
The impugned NCLT order is currently inoperative, halting all insolvency-related proceedings.
💼 Action for Investors
Investors should remain cautious and monitor the outcome of the March 13 hearing, as any reversal of the stay could trigger insolvency proceedings. The stock will likely remain volatile until a final verdict on the CIRP admission is reached.
Embassy Developments: NCLAT Adjourns Insolvency Hearing to Feb 27; CIRP Order Remains Stayed
Embassy Developments Limited (EMBDL) has announced that the NCLAT hearing regarding its insolvency status has been adjourned to February 27, 2026. The stay on the NCLT order admitting the company into the Corporate Insolvency Resolution Process (CIRP) remains in effect, rendering the insolvency order inoperative for now. This allows the company to continue its business operations under existing management. The company maintains it is financially sound, though the legal outcome remains a critical pivot point for shareholders.
Key Highlights
NCLAT hearing adjourned from February 19 to February 27, 2026, for further arguments.
Stay on the NCLT order admitting the company into CIRP continues to remain in effect.
The NCLT order is currently inoperative, allowing the company to maintain normal operations.
Management asserts the company remains fully operational and financially sound despite the proceedings.
💼 Action for Investors
Investors should monitor the outcome of the February 27 hearing closely, as the final disposal of the CIRP matter will determine the company's control and future valuation.
Embassy Developments Gets RERA Approval for ₹400 Cr Alibaug Project
Embassy Developments Limited (EMBDL) has secured MahaRERA approval for its first project in Alibaug, 'Embassy Serenity,' which carries an estimated Gross Development Value (GDV) of ₹400 crore. This project marks the company's strategic entry into the luxury second-home segment within the Mumbai Metropolitan Region. The development spans 7 acres and will offer 52 high-end residences, with a launch scheduled for the current quarter. This milestone follows a robust Q3 FY26 performance where the company achieved ₹1,392 crore in pre-sales and secured approvals for projects totaling over ₹12,800 crore in GDV.
Key Highlights
Received MahaRERA approval for Embassy Serenity in Alibaug with a ₹400 crore estimated GDV.
Project includes 52 luxury residences across 0.2 million sq. ft. of RERA carpet area.
Launch is scheduled for Q4 FY26 with possession targeted for 2030.
Company achieved ₹1,392 crore in pre-sales in Q3 FY26, a 240% increase quarter-on-quarter.
Aggregate GDV of recent project approvals exceeds ₹12,800 crore, providing high revenue visibility.
💼 Action for Investors
The RERA approval and entry into the Alibaug market strengthen EMBDL's premium positioning and growth pipeline. Investors should monitor the launch success and the company's ability to maintain the high pre-sales momentum seen in Q3 FY26.
Embassy Developments (EMBDL) Q3 FY26: Pre-sales Surge 240% QoQ to ₹1,392 Cr
Embassy Developments Limited (formerly Indiabulls Real Estate) reported a strong operational Q3 FY26 with pre-sales reaching ₹1,392 crores, a 240% QoQ increase. While 9M FY26 revenue stood at ₹1,495 crores, the company posted a negative EBITDA of ₹107 crores due to high costs associated with legacy Indiabulls projects. Management is targeting ₹5,000 crore in pre-sales for FY26 and has a robust pipeline of ₹41,000 crore GDV over the next three years. A key legal watchpoint is the ₹372 crore insolvency claim by Canara Bank, currently stayed by NCLAT with a hearing on Feb 19.
Key Highlights
Q3 FY26 pre-sales grew 240% QoQ to ₹1,392 crores; 9M FY26 collections reached ₹1,096 crores.
Targeting ₹5,000 crore pre-sales for FY26 with ₹19,000 crore worth of projects launching this fiscal year.
Negative EBITDA of ₹107 crores for 9M FY26 due to legacy project costs in Vizag and Thane.
NCLAT has stayed insolvency proceedings regarding a ₹372 crore claim by Canara Bank; next hearing Feb 19, 2026.
Pipeline includes ₹41,000 crore GDV over 3 years on fully paid-up land across 8 cities.
💼 Action for Investors
Investors should monitor the NCLAT hearing on Feb 19 and the company's ability to transition from legacy project losses to high-margin new launches. While operational momentum is strong, the negative EBITDA and legal overhang require a cautious approach.
Embassy Developments Reports 240% QoQ Pre-sales Growth in Q3 FY26
Embassy Developments (EMBDL) reported a massive 240% QoQ surge in pre-sales to INR 1,392 crore for Q3 FY26, driven by successful new launches in North Bengaluru. The company achieved new bookings of 1.19 million sq. ft., while 9M FY26 cumulative pre-sales reached INR 1,999 crore, a 46% YoY increase. Financial health remains stable with a low net debt-to-equity ratio of 0.29x and a strong project surplus of INR 28,200 crore. Management is optimistic about Q4 with a launch pipeline exceeding INR 12,000 crore in GDV, including the high-value Embassy Citadel in Worli.
Key Highlights
Pre-sales grew 240% QoQ to INR 1,392 crore, with new bookings rising 193% to 1.19 million sq. ft.
9M FY26 cumulative pre-sales reached INR 1,999 crore, marking a 46% growth compared to the previous year.
Strong execution with construction spend of INR 401 crore, representing a 97% spend-to-collections ratio.
Robust launch pipeline for Q4 FY26 including Embassy Citadel in Worli with an estimated GDV of INR 8,800 crore.
Maintained a healthy balance sheet with a net debt-to-equity ratio of 0.29x and cash equivalents of INR 670 crore.
💼 Action for Investors
Investors should view the strong sales momentum and low leverage as positive indicators of the company's growth trajectory. Monitor the execution of the high-value Worli project in Q4 as a key catalyst for further valuation re-rating.
Embassy Developments Q3 Pre-sales Surge 240% QoQ to ₹1,392 Cr; NCLAT Stays Insolvency Order
Embassy Developments reported a strong operational Q3 FY26 with pre-sales reaching ₹1,392 Cr, a 240% QoQ increase driven by successful new launches in Bengaluru. Despite this growth, the company recorded a negative EBITDA of ₹101 Cr, primarily due to high costs associated with legacy projects and advance CAM payments. A critical legal update confirms that NCLAT has granted an unconditional stay on a legacy insolvency order from 2011, with the next hearing scheduled for February 19, 2026. The company maintains a healthy net debt-to-equity ratio of 0.29x and is targeting ₹5,000 Cr in pre-sales for FY26.
Key Highlights
Pre-sales grew 240% QoQ to ₹1,392 Cr in Q3 FY26, while 9M FY26 pre-sales rose 46% YoY to ₹1,999 Cr.
Consolidated EBITDA for the quarter was negative ₹101 Cr due to legacy Indiabulls portfolio costs and rebranding expenses.
NCLAT granted an unconditional stay on an NCLT insolvency order regarding a ₹372 Cr legacy claim from 2011.
Net Institutional Debt stands at ₹3,000 Cr with a conservative Net Debt to Equity ratio of 0.29x.
Four new launches are planned for Q4 FY26, including the high-value Embassy Citadel project in Worli with ₹8,800 Cr GDV.
💼 Action for Investors
Investors should closely monitor the NCLAT hearing on February 19 and the company's potential exit from the ASM framework to restore stock liquidity. While operational momentum is robust, the focus should remain on the successful launch of the Mumbai portfolio and the turnaround of EBITDA margins as legacy projects phase out.
Embassy Developments Q3 Loss Widens to ₹739.6M; ₹1,325M Warrant Money Forfeited
Embassy Developments Limited (formerly Indiabulls Real Estate) reported a sharp decline in standalone revenue to ₹405.22 million for Q3 FY26, down from ₹1,662.45 million in the previous quarter. The company's net loss widened to ₹739.63 million compared to a loss of ₹404.79 million in Q2 FY26. A significant corporate event occurred as ₹1,324.95 million was forfeited and moved to capital reserves due to the non-exercise of 47.53 million warrants. Despite the operational loss, the company has successfully raised ₹14,058.25 million through warrants over the nine-month period.
Key Highlights
Revenue from operations dropped to ₹405.22 million in Q3 FY26 from ₹2,948.33 million in the same quarter last year.
Net loss for the quarter stood at ₹739.63 million, a reversal from a profit of ₹28.97 million YoY.
Forfeited ₹1,324.95 million in warrant subscription money after holders of 47.53 million warrants failed to convert.
Total funds received from share warrants during the nine months ended Dec 31, 2025, totaled ₹14,058.25 million.
Finance costs decreased significantly to ₹143.33 million in Q3 FY26 from ₹589.18 million in Q3 FY25.
💼 Action for Investors
Investors should exercise caution as the company continues to report widening losses and volatile revenue post-merger. While the capital infusion from warrants is substantial, the operational turnaround following the reverse acquisition of NAM Estates remains the key monitorable.
Embassy Developments (EMBDL) NCLAT Hearing Adjourned to Feb 19; CIRP Stay Continues
Embassy Developments Limited (EMBDL) has informed that the NCLAT hearing scheduled for February 5, 2026, regarding its insolvency proceedings has been adjourned to February 19, 2026, due to paucity of time. Importantly, the NCLT order admitting the company into the Corporate Insolvency Resolution Process (CIRP) remains stayed by the NCLAT, rendering it currently inoperative. The company maintains that it is financially sound and continues to be fully operational during this legal process. Investors should note that this is a procedural delay in a critical legal matter that will determine the company's control and future.
Key Highlights
NCLAT hearing regarding CIRP proceedings adjourned from February 5 to February 19, 2026.
The NCLT order admitting the company to insolvency remains stayed and is currently inoperative.
Management confirms the company remains fully operational and financially sound.
The matter is being heard by the Principal Bench of the NCLAT in New Delhi.
The company was formerly known as Equinox India Developments and Indiabulls Real Estate.
💼 Action for Investors
Investors should closely monitor the outcome of the next hearing on February 19, 2026, as it is critical for the company's status. Avoid taking aggressive positions until there is clarity on whether the insolvency stay is made permanent or vacated.
Embassy Developments Allots INR 250 Crore NCDs at 11% Interest Rate
Embassy Developments Limited has successfully allotted 25,000 secured, non-convertible debentures (NCDs) worth INR 250 crores on a private placement basis. This represents the first tranche of a total planned issue size of INR 400 crores. The NCDs carry an 11% annual coupon rate and have a tenure of 42 months, featuring a principal moratorium for the first four quarters. The capital infusion is expected to support the company's ongoing development projects and liquidity requirements.
Key Highlights
Allotment of 25,000 NCDs with a face value of INR 1,00,000 each, totaling INR 250 crores.
The instruments carry an 11% per annum cash coupon rate, payable quarterly after a 6-month moratorium.
Tenure of 42 months with principal repayment in 10 equal installments starting after a 1-year moratorium.
The NCDs are senior, secured by identified company assets, but remain unrated and unlisted.
This is the first tranche of a larger INR 400 crore fundraising program.
💼 Action for Investors
Investors should track the company's project execution and cash flow generation to ensure it can comfortably service the 11% interest obligation. While the fundraise is positive for liquidity, the unrated nature of the debt indicates a specific risk profile that warrants monitoring.
Embassy Developments to raise up to ₹400 crore via Private Placement of NCDs
Embassy Developments Limited (EMBDL) has approved the issuance of up to 40,000 Senior, Secured, Unlisted Non-Convertible Debentures (NCDs) to raise ₹400 crore. These NCDs carry a coupon rate of 11% per annum with a tenure of 42 months. The repayment is structured in 10 equal installments following a one-year principal moratorium. This capital infusion is likely intended for project development or debt refinancing, given the secured nature of the instrument.
Key Highlights
Approved raising up to ₹400 crore through private placement of 40,000 NCDs with a face value of ₹1,00,000 each
Coupon rate set at 11% per annum, payable quarterly after an initial 6-month moratorium
Instrument tenure is 42 months with a 4-quarter principal moratorium followed by 10 equal installments
NCDs are senior, secured by identified company assets, and will remain unlisted
Company retains the option for partial or full prepayment before the maturity date using surplus funds
💼 Action for Investors
Investors should monitor the company's leverage levels and the specific project milestones these funds will support. The 11% interest rate indicates a relatively high cost of debt that must be offset by strong project margins.
Embassy Developments: NCLAT Adjourns CIRP Stay Hearing to February 05, 2026
Embassy Developments Limited (EMBDL) has announced that the NCLAT hearing regarding the stay on its Corporate Insolvency Resolution Process (CIRP) has been adjourned. The matter, originally scheduled for January 22, 2026, will now be heard on February 05, 2026, due to a lack of time in the court's schedule. Importantly, the stay on the NCLT order admitting the company into insolvency remains in effect, allowing the company to remain fully operational. Management continues to assert that the company is financially sound despite the ongoing legal proceedings.
Key Highlights
NCLAT hearing for CIRP stay adjourned from January 22 to February 05, 2026
The original NCLT order admitting the company to insolvency remains stayed and inoperative
Company confirms it remains fully operational and financially sound during the stay period
Adjournment was due to paucity of time at the NCLAT Principal Bench, New Delhi
💼 Action for Investors
Investors should closely monitor the outcome of the February 05 hearing as it is critical to the company's legal status. While the stay is currently a positive, the final resolution of the insolvency challenge is the key risk factor.
Embassy Developments to Invest ₹7,000 Cr in Mumbai; GDV Expected Over ₹12,000 Cr
Embassy Developments Limited (EMBDL) has officially confirmed its strategic expansion into the Mumbai Metropolitan Region (MMR) with the launch of three luxury residential projects. The company plans to invest approximately ₹7,000 crore into these developments to capture the high-end housing market. The estimated Gross Development Value (GDV) for these projects is projected to be in excess of ₹12,000 crore. This clarification follows an exchange query regarding recent news reports, confirming the company's aggressive growth stance in the Mumbai real estate sector.
Key Highlights
Launch of three major residential projects in the Mumbai Metropolitan Region (MMR).
Planned investment of ₹7,000 crore specifically for Mumbai luxury housing projects.
Projected Gross Development Value (GDV) exceeding ₹12,000 crore from these launches.
Formal confirmation provided to NSE and BSE following news verification requests.
💼 Action for Investors
Investors should view this as a significant growth catalyst that diversifies the company's portfolio into the high-margin Mumbai market. Monitor project launch timelines and pre-sales velocity as key indicators of successful execution.
Embassy Developments Expands into MMR with ₹12,000 Cr GDV Projects; Plans ₹4,500 Cr Investment
Embassy Developments Limited (EMBDL) has announced its strategic entry into the Mumbai residential market with three new projects in Worli, Juhu, and Alibaug. The company plans to invest approximately ₹4,500 crore to develop a total footprint of 1.58 million sq. ft. with a combined Gross Development Value (GDV) exceeding ₹12,000 crore. The flagship project, Embassy Citadel in Worli, accounts for ₹8,800 crore of the total GDV. The company remains on track to achieve its pre-sales target of ₹5,000 crore for FY26, supported by a land bank exceeding 3,000 acres.
Key Highlights
Planned investment of ~₹4,500 crore to expand footprint in the Mumbai Metropolitan Region.
Launch of three residential projects with a combined Gross Development Value (GDV) exceeding ₹12,000 crore.
Flagship Worli project 'Embassy Citadel' has a GDV of ₹8,800 crore and is already RERA approved.
Company targeting ₹5,000 crore in pre-sales for FY26 with launches starting Q4 FY2026.
Total development footprint of 1.58 million sq. ft. across premium locations in Worli, Juhu, and Alibaug.
💼 Action for Investors
Investors should monitor the timely execution of the Worli project and the receipt of pending approvals for the Juhu and Alibaug developments. The successful entry into the high-margin Mumbai luxury market could significantly re-rate the stock if pre-sales targets are met.
Embassy Developments Q3 Pre-sales Surge 240% QoQ to ₹1,392 Cr; GDV Pipeline Exceeds ₹12,800 Cr
Embassy Developments reported a massive 240% QoQ jump in pre-sales to INR 1,392 crore for Q3 FY26, driven by strong market momentum. The company secured RERA approvals for four major projects in Mumbai and Bengaluru with a combined Gross Development Value (GDV) exceeding INR 12,800 crore. Collections also improved by 15% QoQ to INR 415 crore, bringing the nine-month total to INR 1,096 crore. Management remains confident in achieving its full-year pre-sales guidance of INR 5,000 crore for FY26.
Key Highlights
Quarterly pre-sales grew 240% QoQ to INR 1,392 crore in Q3 FY26.
RERA approvals received for 4 projects with an aggregate estimated GDV of over INR 12,800 crore.
Collections increased 15% QoQ to INR 415 crore; 9M FY26 cumulative collections at INR 1,096 crore.
Net institutional debt stood at approximately INR 2,939 crore as of December 31, 2025.
Company maintains its full-year FY26 pre-sales guidance of INR 5,000 crore.
💼 Action for Investors
Investors should take note of the significant acceleration in pre-sales and the massive project pipeline which provides high revenue visibility. The stock may react positively to the company's ability to stay on track for its ambitious FY26 guidance.
Embassy Developments (EMBDL) Seeks Removal from ASM Framework Following NCLAT Stay on IBC Order
Embassy Developments Limited (EMBDL) is contesting the inclusion of its shares in the Additional Surveillance Measure (ASM) and 'BE' (Trade-to-Trade) segment. While the NCLT admitted an insolvency petition from Canara Bank on December 9, 2025, the NCLAT subsequently granted a stay on this order on December 11, 2025. The company has formally requested BSE and NSE to reverse the trading restrictions imposed on December 16, 2025. This legal tug-of-war stems from a petition originally filed by Canara Bank in June 2025.
Key Highlights
NCLT Delhi admitted Canara Bank's insolvency petition against EMBDL on December 9, 2025.
NCLAT granted a stay on the NCLT insolvency order on December 11, 2025.
Stock moved to 'BE' segment and ASM Framework effective December 16, 2025, due to the initial IBC order.
Company has filed representations with Stock Exchanges to remove the scrip from ASM and Trade-to-Trade categories.
💼 Action for Investors
Investors should monitor the stock exchanges for a potential reversal of the 'BE' segment classification, which would improve liquidity. However, the underlying insolvency risk remains a significant concern until the NCLAT provides a final verdict on the petition by Canara Bank.
Embassy Developments Seeks Removal from ASM/BE Segment Following NCLAT Stay on IBC Order
Embassy Developments Limited (EMBDL) has filed representations with BSE and NSE regarding the incorrect inclusion of its stock in the Additional Surveillance Measure (ASM) and 'BE' segment. Although an NCLT order was initially passed on December 11, 2025, following a petition by Canara Bank, the NCLAT granted a stay on the proceedings the same day. The company clarified that it is not currently under the Corporate Insolvency Resolution Process (CIRP) and remains financially sound. The move to the trade-to-trade segment on December 16, 2025, appears to be an administrative error by the exchanges.
Key Highlights
NCLAT granted a stay on the NCLT insolvency order involving Canara Bank on December 11, 2025
Stock was inadvertently moved to 'BE' segment (Trade-to-Trade) and ASM framework on December 16, 2025
Company confirmed it is not currently under Corporate Insolvency Resolution Process (CIRP)
Formal representations submitted to BSE and NSE for immediate removal from surveillance measures
Management maintains that the company remains fully operational and financially sound
💼 Action for Investors
Investors should watch for a notification from the exchanges regarding the reversal of the 'BE' segment classification to restore normal trading liquidity. While the stay is positive, the underlying legal dispute with Canara Bank warrants continued monitoring.
EMBDL: NCLAT stays NCLT order admitting insolvency petition by Canara Bank
The National Company Law Appellate Tribunal (NCLAT) has granted a stay on the order passed by the National Company Law Tribunal (NCLT), Delhi Bench, which admitted a petition filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Embassy Developments Limited (EMBDL). The petition alleged financial liability of EMBDL as a guarantor for loan facilities provided to Sinnar Thermal Power Limited, amounting to ₹372,35,67,407.77. The NCLAT stay halts all proceedings arising from the NCLT order. EMBDL management asserts that the company remains financially sound and has no enforceable financial obligation relating to the borrower's loans.
Key Highlights
NCLAT admitted an appeal against the NCLT order initiating CIRP against EMBDL.
Canara Bank filed a petition under Section 7 of IBC, 2016, against Embassy Developments Limited.
The alleged financial liability as a purported guarantor is in respect of loan facilities provided to Sinnar Thermal Power Limited.
The amount claimed by Canara Bank was ₹372,35,67,407.77 due as on 30.12.2024.
💼 Action for Investors
Investors should monitor further announcements from the company regarding the NCLAT order and the resolution of the insolvency proceedings. While the stay is a positive development, the underlying legal challenge remains.
EMBDL: NCLAT stays NCLT order on Corporate Insolvency Resolution Process
The Hon’ble NCLAT has admitted an appeal by Embassy Developments Limited (EMBDL) challenging the NCLT order that initiated Corporate Insolvency Resolution Process (CIRP) against the company. The NCLAT has granted a stay against the NCLT order, halting all proceedings arising from it. The initial petition was filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging financial liability of ₹372,35,67,407.77 as a guarantor for Sinnar Thermal Power Limited. EMBDL management asserts it has no enforceable financial obligation and remains financially sound.
Key Highlights
Canara Bank filed a petition claiming financial liability of ₹372,35,67,407.77 against Embassy Developments Limited.
NCLT admitted a petition filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016.
NCLAT admitted an appeal and granted a stay against the NCLT order.
The initial loan facility to Sinnar Thermal Power Limited was ₹144.4 Crores.
💼 Action for Investors
Investors should monitor further updates on the NCLAT proceedings and assess the potential impact on Embassy Developments Limited's financial stability. While the stay is a positive development, the underlying legal challenge remains.