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…