Mumbai Greenlights D S Kulkarni Developers' Resolution Plan
04 Jul 2023
2 Min Read
CW Team
The Resolution Plan submitted by a consortium of Ashdan Properties, Classic Promoters and Builders, and Atul Builders for D S Kulkarni Developers has been approved by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT, comprising H V Subba Rao (Judicial Member) and Shyam Babu Gautam (Technical Member), adjudicated a petition filed in Bank of Maharashtra v D S Kulkarni Developers. As per the approved Resolution Plan, the 亚博体育官网首页buyers of the projects of the Corporate Debtor will receive flats in lieu of their claim amount.
Background facts
It was disclosed that D S Kulkarni Developers ("Corporate Debtor") is a company involved in real estate development in Pune, Mumbai, Bengaluru, Nasik, and New Jersey, USA.
The Corporate Debtor's ongoing projects in Pune consist of DSK Vishwa Phase VI Anandghan, DSK Mayurban, DSK Nandanvan, DSK Gold Leaf, DSK Dream City - Waterfall Residence, and DSK Madhukosh in Mumbai.
On September 26, 2019, the NCLT initiated the Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor. Manoj Kumar Agarwal was appointed as the Resolution Professional.
A Consortium composed of Ashdan Properties, Classic Promoters and Builders, and Atul Builders ("Successful Resolution Applicant/SRA") submitted a Resolution Plan for the Corporate Debtor, which was approved by the Committee of Creditors ("CoC") with a majority voting share of 83.37%. Subsequently, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of the Resolution Plan.
Also read:
Final layout for legalisation of colonies in the Indore pub
Shivalik Group achieves sales in GIFT City
The Resolution Plan submitted by a consortium of Ashdan Properties, Classic Promoters and Builders, and Atul Builders for D S Kulkarni Developers has been approved by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT, comprising H V Subba Rao (Judicial Member) and Shyam Babu Gautam (Technical Member), adjudicated a petition filed in Bank of Maharashtra v D S Kulkarni Developers. As per the approved Resolution Plan, the 亚博体育官网首页buyers of the projects of the Corporate Debtor will receive flats in lieu of their claim amount.
Background facts
It was disclosed that D S Kulkarni Developers (Corporate Debtor) is a company involved in real estate development in Pune, Mumbai, Bengaluru, Nasik, and New Jersey, USA.
The Corporate Debtor's ongoing projects in Pune consist of DSK Vishwa Phase VI Anandghan, DSK Mayurban, DSK Nandanvan, DSK Gold Leaf, DSK Dream City - Waterfall Residence, and DSK Madhukosh in Mumbai.
On September 26, 2019, the NCLT initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Manoj Kumar Agarwal was appointed as the Resolution Professional.
A Consortium composed of Ashdan Properties, Classic Promoters and Builders, and Atul Builders (Successful Resolution Applicant/SRA) submitted a Resolution Plan for the Corporate Debtor, which was approved by the Committee of Creditors (CoC) with a majority voting share of 83.37%. Subsequently, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of the Resolution Plan.
Also read:
Final layout for legalisation of colonies in the Indore pub Shivalik Group achieves sales in GIFT City
Next Story
Euler Motors Secures Rs 6.38 Billion Funding With Hero
Electric commercial vehicle startup Euler Motors has secured Rs 6.38 billion in its latest Series D funding round, with Hero MotoCorp joining as a key strategic investor. British International Investment, the UK government鈥檚 development finance arm, also continued its support.Euler Motors will use the fresh capital to broaden its national sales and service footprint and accelerate development of new electric vehicle models. This funding arrives as India鈥檚 demand for electric commercial transport surges, especially in e-commerce, retail, and last-mile logistics.Founded in 2018 and based in ..
Next Story
Guwahati Airport Terminal Upgrade Progresses Ahead of October Deadline
Lokpriya Gopinath Bordoloi International Airport in Guwahati, operated by the Adani Group, is set to shift operations to its new terminal by October 2025. Construction and infrastructure work are advancing rapidly to meet this deadline.Assam Chief Secretary Ravi Kota, during a high-level review, directed departments including Public Works (Roads), Water Resources, and Guwahati International Airport Limited (GIAL) to prioritise coordination and adhere strictly to the October timeline.Key tasks include acceleration of work on roadways, service lanes, street lighting, drainage, and utility logist..
Next Story
Cochin Airport Launches Rs two Billion CIAL 2.0 Project
Kerala Chief Minister Pinarayi Vijayan inaugurated the Rs two billion CIAL 2.0 project at Cochin International Airport Limited, aiming to fully digitise airport operations and enhance passenger security. The initiative is a benchmark in airport modernisation, combining social responsibility with development.India handled 375 million air passengers in 2023鈥�24, with a 21 per cent increase in domestic flyers, ranking third globally. Passenger numbers are expected to reach one billion annually by 2040, making airport preparedness critical.Cochin Airport serves around 50,000 daily passengers and ..
