Mumbai Greenlights D S Kulkarni Developers' Resolution Plan

04 Jul 2023 CW Team

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.

Also read:
Final layout for legalisation of colonies in the Indore pub
Shivalik Group achieves sales in GIFT City

Infrastructure Transport

15 Oct 2025

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..