Saviour Builders acquires Bulland Buildtech for Rs 120 crore
The Delhi Bench of the National Company Law Tribunal (NCLT) has approved the Rs 120-crore resolution plan by Saviour Builders Private Limited for bankrupt real estate firm Bulland Buildtech Pvt Ltd.
The resolution plan was earlier approved by the committee of Creditors by 94.37% vote share. The company owed Rs 258 crores to different lenders including homebuyers. The liquidation value of Bulland Buildtech Pvt Ltd was arrived around Rs 16 crore while the fair value was estimated at Rs 19 crore by a couple of valuers.
The resolution plan includes Rs 85 crore in construction cost of the flats to be handed over to homebuyers. Saviour Builders will try to complete the construction of the flats within 24 months.
As per the rest of the resolution plan, secured financial creditors would receive Rs 11.26 crore against their total claims of Rs 43.34 crore. Canara Bank, which has now been merged with Syndicate Bank, receives the lion’s share of Rs 11 crore. Other secured financial creditors include Bank of Baroda and IDBI Bank.
Unsecured financial creditors receive Rs 1.1 crore against their claims of 16.51 crore. Operational creditors receive Rs 17.5 crore including a payment of Rs 16.50 crore to Greater Noida Industrial Development Authority (GNIDA) as secured operational creditor.
GNIDA had served claimed notice of Rs 45.80 crore, but the resolution professional admitted claims worth only Rs 26.5 crore. GNIDA has been treated as secured creditor in due deference to the observations made by NCLT in its order dated 09 April 2024 & 10 April 2024. It must be pointed out that the resolution plan provided for Rs 16.5 crore despite the liquidation value of GNIDA’s claims was estimated to be Nil.
Of the total value of resolution plan of Rs 120 crore, the upfront payment to be made by Saviours to creditors of Bulland Buildtech is Rs 23.6 crore.
The insolvency petition against Bulland Buildtech was filed by Syndicate Bank in March 2021 for defaulting on a loan of Rs 32 crore in 2018.
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