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…