According to an application filed by the resolution professional with the bankruptcy court, Singapore's real estate focused fund Experion Developers received the most votes for Blackstone-backed besieged Dignity Buildcon in a deal that would imply a 50% recovery for lenders originally led by Stanchart Bank. Experion Developers offered Rs 450 crore for the real estate developer Dignity Buildcon, which is involved in the development of commercial towers on Gurgaon's Golf Course Extension Road. The Dignity Developers resolution, which was mired in a series of lawsuits, was eventually approved by 99.7% of lenders by value. Shailendra Ajmera, who took over as RP in January 2022, was backed by EY and received three plans from Experion, M3M India, and Madhav Dhir and Alok Dhir, the promoters of Alchemist Asset Reconstruction Company. Sattva Developers, who was also in the running, later withdrew its bid. The RP accepted Rs 1065 crore in lender, trade creditor, and employee claims. Lenders' admitted claims amounted to Rs 1006.7 crore. Experion offered secured creditors Rs 450 crore, unsecured and trade creditors Rs 2.5 crore each, and employees Rs 97 lakhs. Standard Chartered Bank had the highest debt of 49.8% among major lenders, three Blackstone (BREP Asia) real estate funds held 10.16% of debt, and Alchemist ARC had 35.36% of debt. Interestingly, in January and February 2023, Standard Chartered Bank and Blackstone's fund BREP both sold debt to Experion Capital. The winning bidder also owns Experion Capital, which acquired nearly 60% of the debt. In April 2019, the company was declared insolvent. Although the former RP received 21 expressions of interest, only four applicants- Sattva, Safal Construction, M3M, and Dhirs- submitted resolution plans. Between December 2020 and March 2021, the erstwhile RP had held voting on the plans by four bidders at least half a dozen times. In each of them, Sattva Construction received 64.64% voting, which is slightly below the 66% requisite vote needed to pass any resolution under the Insolvency and Bankruptcy Code. Also Read Navi Mumbai Airports to get operational by next year Indian airports' revenues to rise next fiscal year