Tag: Mantra Properties

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NCLT Approves Mantra Properties’ Plan for Worli Project

The National Company Law Tribunal (NCLT) in Mumbai has approved Mantra Properties & Developers’ resolution plan for a stalled residential project located in Worli, Mumbai. This decision marks a significant step towards reviving a development projected to yield approximately ₹2,000 crore. The tribunal endorsed the resolution plan submitted by Mantra Properties for the insolvent Siddhi Raj Housing Projects Pvt Ltd, concluding a corporate insolvency resolution process that began in May 2023 due to a contractor’s petition. The committee of creditors (CoC) supported the plan with a 92.97% voting share. The NCLT, in its order dated June 19, affirmed that 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…

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ASK Property Fund Invests ₹340 Cr in Mantra Group Projects

NEW DELHI: ASK Property Fund, the real estate division of ASK Asset & Wealth Management Group, has invested ₹340 crore in three residential projects led by Mantra Group. Amit Bhagat, co-founder, CEO & MD of ASK Property Fund, commented, “We are committed to providing growth capital for land acquisition associated with residential projects requiring approvals and financial closure of up to ₹500 crore.” This investment is intended to assist Mantra Group in acquiring two projects through the National Company Law Tribunal (NCLT) process, while also supporting an ongoing residential project. Rohit Gupta, CEO of Mantra Properties, stated, “In the Mumbai…