real estate news
₹63 Crore Potential Fraud Uncovered in HNG Transactions: Auditor BDO India
Auditor BDO India has flagged ₹63.34 crore in potentially fraudulent transactions by Hindusthan National Glass & Industries Ltd (HNG) during 2019-20 to 2021-22. The transactions involve three entities and are under scrutiny as part of the company's insolvency resolution process.
Real Estate Mumbai
Oberoi Realty Consortium Secures Juhu Land Deal for Rs 9.19 Billion
The Oberoi Realty consortium has won the bid for the Juhu land deal, securing the Rs 9.19 billion resolution plan. The approval from the Committee of Creditors (CoC) marks a significant milestone in Mumbai's real estate sector.
Real Estate Mumbai
Oberoi Realty Consortium Selected for Mumbai’s Hotel Horizon Insolvency Resolution
A consortium led by Oberoi Realty has been chosen by creditors for the insolvency resolution of Mumbai’s Hotel Horizon. The consortium will pay Rs 919 crore to creditors, with the amount potentially rising.
real estate news
Oberoi Realty Consortium Wins ₹919 Crore Bid for Hotel Horizon
Oberoi Realty, along with Shree Naman Developers and JM Financial Properties, has won the bid for Hotel Horizon through the IBC process, marking a significant milestone in the real estate sector.
real estate news
JM Financial Acquires 142,000 Sq Ft in Mulund Commercial Project via Bankruptcy Settlement
JM Financial Products secures 142,000 square feet of office space in a new commercial building in Mumbai's Mulund, as part of a bankruptcy settlement involving Ariisto Realty. The deal, valued at around Rs 150 crore, is part of a court-mediated corporate insolvency resolution process.
Real Estate
NCLT Orders Jaiprakash Associates to Proceed with Single Resolution Plan
The National Company Law Tribunal (NCLT) has directed Jaiprakash Associates to continue with the single resolution plan, which includes the submission of an Expression of Interest (EOI) for one or more of the 12 business clusters identified by the Resolut
Real Estate
Home Buyers to Get Possession During Insolvency Resolution: IBBI
As of June 2024, around 1,400 real estate and construction firms have entered the insolvency resolution process under the IBC. The Insolvency and Bankruptcy Board of India (IBBI) has introduced new rules to aid homebuyers.
Real Estate Mumbai
Home Buyers to Get Possession During Real Estate Insolvency Resolution Process: IBBI
The Insolvency and Bankruptcy Board of India (IBBI) has introduced significant changes to allow resolution professionals (RP) to hand over possession of properties to homebuyers during the insolvency resolution process. These changes aim to streamline the
Real Estate
Supertech Township Gets Two Weeks to Finalize Settlement Proposal
NCLAT grants two weeks time for Supertech Township's settlement proposal. Asks firm to publish it on its website so that it can be accessed by all stakeholders.
Real Estate
IBBI's New Regulations for Corporate Insolvency Resolution: What You Need to Know
New regulations for corporate insolvency resolution in India: How they impact real estate projects and more.
Real Estate Mumbai
NCLAT Rejects Tax Claim Against Reliance Communications, Citing Insolvency Initiation
The National Company Law Appellate Tribunal (NCLAT) has dismissed a tax claim filed by the state tax department against Reliance Communications, stating that the assessment was made after the initiation of the insolvency resolution process.
Real Estate
Reviving Stalled Real Estate Projects: NCLT Approves Alchemist Infra Realty's Acquisition
The acquisition of Alchemist Infra Realty Ltd by Vantage Point Asset Management Pte Ltd has been approved by the National Company Law Tribunal, paving the way for the revival of stalled real estate projects.
Real Estate
Revamping Insolvency Resolution: Addressing the Plight of Operational Creditors under IBC
The median recovery for operational creditors under the Insolvency and Bankruptcy Code (IBC) stands at a mere 6%, highlighting the need for a hybrid insolvency resolution process to address their concerns.
real estate news
Adani Goodhomes' Resolution Plan for Radius Estates Gets NCLAT Nod
NCLAT upholds Adani Goodhomes' resolution plan for bankrupt real estate company Radius Estates