D.S. Kulkarni Developers Ltd.'s financial creditors will meet on 3 July 2021 to examine bids for the debt-ridden real estate business. D.S. Kulkarni Developers Resolution Professional (RP) Manoj Kumar Agarwal stated in a regulatory filing that a meeting of the Committee of Creditors (CoC) is set for Saturday, 3 July 2021. Mantra Properties & Developers and Solitaire Group are two of the three firms that have filed offers to purchase D.S. Kulkarni Developers through insolvency.
On an application filed by the Bank of Maharashtra, the National Company Law Tribunal (NCLT), Mumbai Bench, ordered the start of the corporate insolvency resolution process (CIRP) in respect of D.S. Kulkarni Developers Ltd. in September 2019 under the provisions of the Insolvency and Bankruptcy Code, 2016. According to reports, the three candidates have been requested to submit their final proposals discussed on 3 July. While Mantra Properties and Solitaire Group have filed bids to buy D.S. Kulkarni, a third party has presented a resolution plan to acquire only one of the troubled firm's projects.
A total claim of approximately Rs. 1,750 crore has been made, nearly Rs. 1,050 crore of which pertains to 12 banks and other financial institutions. In the Committee of Creditors, institutional financial creditors have 66.7 per cent voting rights (CoC). Homebuyers and holders of fixed deposits have nearly 17% voting power.
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