M&A

M&A

Mantra Properties to acquire Nirmal Lifestyle’s residential project in Mumbai’s Mulund

IBBI   Economic Times  

Pune-based Mantra Properties has received approval from the Mumbai bankruptcy court for its acquisition and revival plan for a project in the northeastern suburb of Mulund in Mumbai, from Nirmal LifestyleThe acquired project spans about four acres and has a total development potential of nearly INR 1,900 crore. The company entered the corporate insolvency resolution process (CIRP) in July 2023 following a plea by Beacon Trusteeship Ltd. It had admitted liabilities of INR 1,491 crore, with secured creditors including Beacon Trusteeship Ltd (INR 902 crore) and Assets Care and Reconstruction Enterprise Ltd (INR 589 crore). Mantra Properties proposed an INR 215 crore resolution plan for the project.The project was originally planned with four towers covering 754,000 square feet, with 114,000 square feet already sold to 235 buyers who paid INR 50 crore against homes valued at INR 230 crore.