308 real estate projects in state undergoing CIRP: Maha RERA
The Maharashtra Real Estate Regulatory Authority (RERA) has released a list of 308 projects from around 60 real estate companies that are undergoing Corporate Insolvency Resolution Process (CIRP). Most of these real estate projects are from Mumbai, Thane, and Pune. Neptune Developers tops the list with 45 projects, followed by Lavasa Corporation and Nirmal Lifestyle (Kalyan) Pvt Ltd with 30 each, HDIL with 14, and Marvel Sigma Homes with 13. The list also includes projects from other companies such as Wadhwa Buildcon, DS Kulkarni Developers, Rite Developers, and Dream Construction of Pune, among others. Bombay Slum Redevelopment Corporation Private Ltd has four projects on the list.
Status of HDIL CIRP
HDIL’s latest filings show that homebuyers have submitted claims of Rs 904 crore to date. HDIL has been undergoing the CIRP since August 2019. So far, six projects’ resolution plans have been approved by the committee of creditors (CoC). Khyati Realtors Pvt. Ltd. and Dosti Realty Limited’s resolution plan for three projects, Adani Properties Private Limited’s plan for Project BKC and Shahad Maharal Lands, and Dev Land and Housing Private Limited’s plan for HDIL Towers have all been approved by the CoC.
Status of Lavasa Corporation
Lavasa Corporation has been undergoing the CIRP since August 2018, and the CoC has approved Darwin Platform Infrastructure Limited’s resolution plan in 2021. However, the National Company Law Tribunal (NCLT) believes that the plan does not provide sufficient funds for statutory dues and needs to be modified. The resolution plan worth Rs 1601 crore provides only 0.05% for government dues and 0.45% for general and electricity dues, while it provides 20.5% of claims submitted by Secured Financial Creditors. The NCLT has asked the Consolidated CoC to reassess the Resolution Plan and allocate funds proportionally to meet the government and statutory dues, as provided to the Secured Financial Creditors.
