<?xml version="1.0" encoding="UTF-8"?>
<!--CIRP V1.0 (10-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-09-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532832</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-04</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="CorporateInsolvencyResolutionProcessEvent1D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532832</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-04</xbrli:startDate><xbrli:endDate>2026-05-04</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessEventAxis">in-capmkt:CorporateInsolvencyResolutionProcessEvent1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="RejectionOfApplication_D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532832</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-04</xbrli:startDate><xbrli:endDate>2026-05-04</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:RejectionOfApplicationMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="RejectionOfApplication_I"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532832</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-04</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:RejectionOfApplicationMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">EMBASSY DEVELOPMENTS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">EMBDL</in-capmkt:NSESymbol><in-capmkt:ISIN contextRef="MainI">INE069I01010</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent contextRef="CorporateInsolvencyResolutionProcessEvent1D">Rejection/Withdrawal/Stay of application</in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent><in-capmkt:DateOfReport contextRef="MainI">2026-05-04</in-capmkt:DateOfReport><in-capmkt:TypeOfSubEventOfRejectionOrWithdrawalOrStayOfApplication contextRef="RejectionOfApplication_D">Rejection</in-capmkt:TypeOfSubEventOfRejectionOrWithdrawalOrStayOfApplication><in-capmkt:DateOfRelevantAuthorityOrder contextRef="RejectionOfApplication_I">2026-05-04</in-capmkt:DateOfRelevantAuthorityOrder><in-capmkt:DetailsOfSettlementWithCreditors contextRef="RejectionOfApplication_I">NA</in-capmkt:DetailsOfSettlementWithCreditors><in-capmkt:ReasonForRejectionOrWithdrawalOrStayOfApplication contextRef="RejectionOfApplication_I">We wish to inform you that the Honble NCLAT has today ie May 4 2026, pronounced its order in favour of the Company allowing its appeal and accordingly:

The Honble NCLAT has set aside the impugned order dated December 9 2025, passed by the Honble National Company Law Tribunal New Delhi Bench which had admitted the Corporate Insolvency Resolution Process against the Company under the Insolvency and Bankruptcy Code, 2016;

The interim protection granted earlier by the Hon’ble NCLAT stands subsumed into the final order;

The CIRP initiated against the Company stands quashed and closed; and

All directions arising pursuant to the said NCLT order stand terminated and disposed of.</in-capmkt:ReasonForRejectionOrWithdrawalOrStayOfApplication><in-capmkt:WhetherTheCompanyIsInReceiptOfCopyOfRelevantAuthorityOrder contextRef="RejectionOfApplication_D">true</in-capmkt:WhetherTheCompanyIsInReceiptOfCopyOfRelevantAuthorityOrder><in-capmkt:DetailsOfRelevantAuthorityOrder contextRef="RejectionOfApplication_I">Honble National Company Law Appellate Tribunal, Principal Bench New Delhi</in-capmkt:DetailsOfRelevantAuthorityOrder><in-capmkt:AnyOtherDetailsExplanatoryTextBlock contextRef="RejectionOfApplication_D">The CIRP against the Company stands quashed and all consequential directions pursuant to the impugned NCLT order stands terminated.

The Company stands fully relieved from insolvency proceedings and continues to operate in the normal course.</in-capmkt:AnyOtherDetailsExplanatoryTextBlock></xbrli:xbrl>