National company law tribunal (NCLT) admitted Ariistro Developers, one of the first Mumbai best builders for their insolvency proceedings and Rustomjee Group, realty developers is only bidder who came forward.
As per information obtained from sources, “The Rustomjee Group proposed that the lenders will be getting over rupees 250 crore upfront and also 25% revenue share in the companies in project in the area of Mulund, a suburb of Mumbai over for about 32 acres .
The company tribunal has started insolvency proceeding against the Ariistro Developers in last November. After combining all the claims of lender and other stakeholders including lenders and operational creditor the total amount becomes rupees 2500 crore.
The company was earlier in talks with realty developers including Lodha developers and Shapoorji Pallonji Real Estate, to enter into a joint development agreement and monitor is the under construction project with a total of over 4 million square feet space but in the current liquidity concern that is not considered.
Jayesh Sanghrajka who has been appointed by NCLT as Interim Resolution Professional to manage the company shared the view that the company is not undergoing any insolvency proceeding.
Rustomjee Group did not respond to ET’s e-mail till the time of going to press. The proposal put forth by the Rustomjee Group is being discussed among the committee of creditors and it will take about 15 days and if in case the financial creditor rejects Rustamjee’s bid the RP has the power to invite fresh bid for the company.
"Lenders are expected to take a haircut as a value of the acid is not much compared to total claims of rupees 2350 the insolvency proceeding has also not gained strength due to complex cities of agreement of the company" as stated by source person.
Ariistro developers entered into a joint venture with local landlord further development out of the total 32 acres where is the other vacant land has been acquired by company independently.
as the land parcel also had a slums portion the company is executing part of project has rehabilitation worker approved by Slum Rehabilitation Authority (SRA).
Courtesy/By: Renu Kathale
|
22 Jun 2019
