InCorp Restructuring Paves Way for India's Largest Slum Redevelopment via IBC Process
The National Company Law Tribunal (NCLT) has approved InCorp Restructuring Services LLP's resolution plan for the Darshan Group, enabling a significant slum rehabilitation project in Mumbai.
NcltIncorp RestructuringDarshan GroupSlum RehabilitationIbcReal Estate MumbaiJul 18, 2025
This marks a key milestone in resolving complex real estate assets in distress through the IBC framework. Jayesh Sanghrajka, the Managing Partner at InCorp Restructuring Services LLP (IPE), served as the Resolution Professional, leading the process from consolidation to resolution with stakeholder coordination. Piramal Capital & Housing Finance Ltd. was the sole financial creditor. The resolution pertains to a Slum Rehabilitation Scheme covering over 87,000 sqm in Andheri West (Mumbai), bringing better living conditions to more than 5,000 families residing in the slum area.
Talking about the resolution, Jayesh Sanghrajka said, “This resolution reflects what can be achieved when stakeholders come together with a shared purpose. It's a strong example of how the IBC framework can be used to navigate and resolve complex real estate distress, bringing not just financial closure, but also long-awaited relief to thousands of families.” The process, spanning nearly three years, addressed complexities including overlapping development rights, regulatory entanglements, and massive outstanding claims amounting to approximately INR 13,000 crore. Consolidation was permitted by the NCLT in 2023. The Resolution Plan, submitted by Shiv Infra Vision Properties Pvt. Ltd., a group entity of Aspect Global Ventures, received unanimous approval from the Committee of Creditors (CoC) and was sanctioned by the NCLT on June 27, 2025.
This resolution not only ensures financial revival but also marks a major social milestone by enabling long-stalled housing and infrastructure development for thousands of residents. It sets a valuable precedent for consolidated CIRP as an effective tool in addressing large-scale real estate distress.
About InCorp Restructuring Services LLP
InCorp Restructuring Services LLP is an Insolvency Professional Entity (IPE) recognized by the Insolvency and Bankruptcy Board of India (IBBI). The firm is driven by 15 partners across 10 cities in India. The partners have resolved stressed assets amounting to claims of over INR 35,000 Crore. The team collectively has experience across transactions for Banking, Debt Restructuring, Business Turnaround, Fundraising, and Mergers & Acquisitions. Having resolved 50+ assignments to date, the team brings deep sectoral expertise across industries such as Infrastructure, EPC, Real Estate, Solar, Engineering, Cable & Wire, Hospitality, Diamond, Textile, Pharmaceuticals, Steel, Healthcare, and Education.
Frequently Asked Questions
What is the significance of the NCLT's approval for the Darshan Group's resolution plan?
The NCLT's approval marks a key milestone in resolving complex real estate assets in distress through the IBC framework, enabling significant social and economic benefits for thousands of families.
Who led the resolution process for the Darshan Group?
The resolution process was led by Jayesh Sanghrajka, the Managing Partner at InCorp Restructuring Services LLP, an IBBI-registered IPE entity.
What is the scope of the Slum Rehabilitation Scheme in Andheri West, Mumbai?
The Slum Rehabilitation Scheme covers over 87,000 sqm in Andheri West, Mumbai, and will bring better living conditions to more than 5,000 families residing in the slum area.
What challenges did the resolution process address?
The resolution process addressed complexities including overlapping development rights, regulatory entanglements, and massive outstanding claims amounting to approximately INR 13,000 crore.
What is the role of InCorp Restructuring Services LLP in the resolution process?
InCorp Restructuring Services LLP, an IBBI-registered IPE entity, played a crucial role as the Resolution Professional, leading the process from consolidation to resolution with stakeholder coordination.
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