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Mantra Properties, Solitaire submit bids to acquire DS Kulkarni Developers

Economic Times  

Mantra Properties & Developers and Solitaire Group are among the three companies which have submitted their bids to acquire Pune-based listed realty firm DS Kulkarni Developers through the insolvency process. While Mantra and Solitaire have submitted their bids, the third company has submitted its resolution plan to acquire only one project of the embattled firm. A total 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. In September 2019, the National Company Law Tribunal (NCLT), Mumbai Bench ordered the commencement of corporate insolvency resolution process (CIRP) in respect of DS Kulkarni Developers Ltd under the provisions of the Insolvency and Bankruptcy Code, 2016, on an application filed by Bank of Maharashtra.