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National Company Law Tribunal ,NCLT) has approved Rs. 990 crore debt resolution plan for a unit of Surrey Homes, The plan was submitted by a consortium of KGK Realty And Dhoot Infrastructure,
KGK Realty The consortium holds 74% stake and Dhoot Realty holds 24%, according to an order uploaded on . NCLTwebsite on 24 April.
The two-player consortium had submitted a debt resolution plan for the unit of SARE Gurugram Pvt. Ltd. Surrey Homes It defaulted on dues to creditors and was unable to complete construction of a promised township located on the outskirts of Delhi.
The consortium beat out five other bidders including realty companies Alpha Corp and Signature Global and high net worth individual investors Nikhil Jain, Sunil Kumar Jain and Sumeet Nanda.
Home owners and financiers have raised around Rs. claim was filed. 2100 crores when the company was admitted for bankruptcy. The claims of the financiers were around Rs. 1000 crores. The landlords had filed a claim of Rs. 1100 crores.
The seed funding for the company, which is developing the 47-acre township, came from KKR, Altico Capital and edelweiss, He later sold his loan. property care and reconstruction enterprise (ACRE), the Alchemist asset reconstruction company and Bank of India Are current financial creditors.
As per the current plan, home buyers will get the possession of their apartments within 36 months.
The NCLT had admitted Surrey’s Gurugram unit for bankruptcy on 9 March 2021. Ajit Gyanchand Jain was appointed as the resolution professional. Khaitan & CompanySiddharth Srivastava, a partner in the law, acted as Jain’s legal advisor. PWC acted as their financial advisor.
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