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DS Kulkarni Developers insolvency: financial creditors to meet on July 3

Economic Times  

Financial creditors of Pune-based DS Kulkarni Developers Ltd will meet on Saturday to discuss bids for acquiring the debt-laden realty firm. Mantra Properties & Developers and Solitaire group are among the three companies that have submitted their bids to acquire the firm through the insolvency process. In September 2019, the National Company Law Tribunal (NCLT), Mumbai bench ordered the commencement of the corporate insolvency resolution process (CIRP) in respect of DS Kulkarni Developers under the provisions of the Insolvency and Bankruptcy Code, 2016, on an application filed by Bank of Maharashtra. A claim of around INR 1,750 crore has been made, out of which nearly INR 1,050 crore pertains to 12 banks and other financial institutions.