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.
BankruptcyCommercial Real EstateInsolvencyNbfcCorporate Insolvency Resolution ProcessReal Estate NewsJun 11, 2025
The acquisition is part of a court-mediated corporate insolvency resolution process (CIRP) connected to the takeover of a stalled project formerly promoted by Ariisto Realty.
JM Financial Products is a non-deposit-taking non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India (RBI). The investment-focused NBFC has been allotted floors 40, 41, 42, and 44 in the office wing of the project. While the ownership transfer was formalized on April 4, the property’s possession is expected by December end.
The land is owned by Avdhut Properties Pvt Ltd (APPL), a company linked to Ariisto, according to registration documents accessed by Economic Times via the real estate data platform Propstack.
“This is part of a structured settlement reached during the resolution of liabilities involving multiple parties, where built-up commercial real estate was transferred in lieu of financial dues,” a person familiar with the development told the publication.
Mumbai-based Ariisto, with stalled residential and commercial projects in Mulund, entered corporate insolvency in November 2018 due to Rs 2,200-2,500 crore of debt. In March 2021, the Mumbai branch of the National Company Law Tribunal (NCLT) approved a plan by a Bengaluru-based developer to settle Rs 1,650 crore in liabilities. The plan involved paying Rs 370 crore in cash and giving creditors 800,000 sq ft of commercial space.
The plan aims to ensure that the project will be finished in a few years. It also gives creditors both cash and built property. This structured settlement is expected to provide a significant boost to the completion of the stalled project and the recovery of financial dues.
Frequently Asked Questions
What is the market value of the office space allotted to JM Financial Products?
The market value of the 142,000 square feet of office space is around Rs 150 crore.
Which floors were allotted to JM Financial Products in the commercial building?
JM Financial Products was allotted floors 40, 41, 42, and 44 in the office wing of the project.
Who is the original promoter of the stalled project in Mulund?
The original promoter of the stalled project in Mulund is Ariisto Realty.
What is the total debt that led to Ariisto Realty entering corporate insolvency?
Ariisto Realty entered corporate insolvency due to Rs 2,200-2,500 crore of debt.
What is the plan approved by the National Company Law Tribunal to settle the liabilities?
The plan approved by the National Company Law Tribunal involves paying Rs 370 crore in cash and giving creditors 800,000 sq ft of commercial space.
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