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 EstateInsolvency ResolutionNcltAlchemist Infra RealtyVantage Point Asset ManagementReal EstateJul 25, 2024
The insolvency resolution process is a mechanism under the Insolvency and Bankruptcy Code (IBC) that allows companies to restructure their debt and revive their businesses.
According to the latest data, a total of 7,567 companies across sectors have been brought into administration until March-end, since the inception of the Insolvency and Bankruptcy Code in 2016.
About 21% of the total companies admitted under the CIRP are from the real estate sector.
The fair market value of Alchemist Infra Realty Ltd was estimated at Rs 380 crore.
The liquidation value of Alchemist Infra Realty Ltd was pegged at Rs 302 crore.
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