Tag: beacon trusteeship ltd

Latest StoriesRegulatory

SREI Finance Withdraws Plea on Nirmal Lifestyle’s Revival Plan

The heavily indebted realty firm, Nirmal Lifestyle (Mulund) Pvt Ltd, has seen one of its secured creditors, SREI Equipment Finance Ltd, withdraw its appeal to the National Company Law Appellate Tribunal (NCLAT). This withdrawal follows the resolution applicant’s clarification that the contested mortgaged property is not part of the approved plan. In April, the Mumbai bench of the National Company Law Tribunal approved the acquisition of Nirmal Lifestyle (Mulund) by Pune-based developer, Mantra Properties and Developers Pvt Ltd. The company carries liabilities totaling Rs 1,491 crore, while the bidder proposed Rs 215 crore under the resolution plan to reinstate the…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Mulund Project Buyout

MUMBAI: The bankruptcy court in Mumbai has sanctioned the acquisition of a Nirmal Lifestyle project in Mulund, spanning four acres, by Pune-based Mantra Properties. This project, which has a total development potential of approximately Rs 1,900 crore, was initiated by Nirmal Developers in 2017. The company has liabilities amounting to Rs 1,491 crore, while the bidder has proposed Rs 215 crore as part of the resolution plan. “The approval of the resolution plan will not invalidate any existing consents, approvals, licenses, concessions, authorizations, or permits granted to the corporate debtor, or for which the debtor has applied for renewal,” stated…