The Resolution Plan submitted by a consortium of Ashdan Properties, Classic Promoters and Builders, and Atul Builders for D S Kulkarni Developers has been approved by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT, comprising H V Subba Rao (Judicial Member) and Shyam Babu Gautam (Technical Member), adjudicated a petition filed in Bank of Maharashtra v D S Kulkarni Developers. As per the approved Resolution Plan, the Homebuyers of the projects of the Corporate Debtor will receive flats in lieu of their claim amount.

Background facts

It was disclosed that D S Kulkarni Developers ("Corporate Debtor") is a company involved in real estate development in Pune, Mumbai, Bengaluru, Nasik, and New Jersey, USA.

The Corporate Debtor's ongoing projects in Pune consist of DSK Vishwa Phase VI Anandghan, DSK Mayurban, DSK Nandanvan, DSK Gold Leaf, DSK Dream City - Waterfall Residence, and DSK Madhukosh in Mumbai.

On September 26, 2019, the NCLT initiated the Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor. Manoj Kumar Agarwal was appointed as the Resolution Professional.

A Consortium composed of Ashdan Properties, Classic Promoters and Builders, and Atul Builders ("Successful Resolution Applicant/SRA") submitted a Resolution Plan for the Corporate Debtor, which was approved by the Committee of Creditors ("CoC") with a majority voting share of 83.37%. Subsequently, the Resolution Professional filed an application under Section 30(6) of IBC before the NCLT, seeking approval of the Resolution Plan.

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