NCLT approves Rs 1080-crore resolution plan for DS Kulkarni Developers
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the Rs 1080-crore resolution plan submitted by the consortium of Ashdan Properties Pvt Ltd, Classic Promoters and Builders Pvt Ltd, and Atul Builders for DS Kulkarni Developers Limited.
The resolution plan of the consortium was earlier approved by the Committee of Creditors by a vote share of 83.37%. The Pune-based real estate company — DS Kulkarni Developers – had been undergoing corporate insolvency resolution process since September 2019.
As per the resolution plan, secured financial creditors would receive Rs 820 crore out of their total admitted claims of Rs 1,198 crore. Of that banks and financial institutions would receive Rs 569 crore against their total claims of Rs 856 crore. Debenture holders of the company will receive 100% of their admitted claims of Rs 162 crore.
Unsecured financial creditors would receive Rs 259 crore out of their total admitted claims of Rs 357 crore. Of that homebuyers would receive Rs 254 crore, and fixed depositors would receive Rs 4.67 crore.
The resolution plan has provided for only Rs 1.71 crore for operational creditors who had together staked claims on an amount of 277 crore.
The insolvency process against DS Kulkarni Developers was initiated by bank of Maharashtra in September 2019 after the Pune-based builder failed to make an outstanding due of Rs 31.65 crore.
DS Kulkarni Developers Limited (DSKDL) was incorporated on 20 September 1991 at Pune, in Maharashtra as a real estate development and Construction Company primarily focused on development of residential units in the city of Pune with presence in Mumbai, Bengaluru, Nasik and New Jersey, USA.
Since 2000, DS Kulkarni Developers has completed nearly 26 projects which include residential and commercial projects. The Completed Projects include high-end residential apartments, mid-segment apartments as well as affordable housing projects.
Some of our prestigious Completed Projects include DSK Hariyali (Shivaji Nagar, Pune), DSK Chandradeep, DSK Chintamani (Appa Balvant Chowk, Pune), DSK Raanwara (Bavdhan, Pune), DSK Akashganga (Aundh, Pune), DSK Vishwa (Phase I to VI) , DSK Frangipani (Sadhu Vaswani Chowk, Pune), DSK Madhuban (Andheri East – Mumbai), DSK Sunderban (Hadapsar, Pune), DSK Garden Enclave (Kondhwa, Pune) and DSK Gandhakosh (Baner, Pune).
Also See: 308 real estate projects in state undergoing CIRP: Maha RERA
