Pune-based developer to revive ₹1,900-crore Mumbai project under insolvency resolution.

NCLT Clears Mantra Properties’ Takeover of Stalled Mulund Project.

The Mumbai bench of the National Company Law Tribunal has approved Pune-based Mantra Properties’ resolution plan to acquire a stalled four-acre residential project of Nirmal Lifestyle in Mulund. The project entered the corporate insolvency resolution process (CIRP) in July 2023 following a petition by Beacon Trusteeship Ltd. With admitted liabilities of ₹1,491 crore, Mantra Properties has proposed ₹215 crore to revive the project, which has a development potential of nearly ₹1,900 crore. The tribunal clarified that approval of the resolution plan will not invalidate existing approvals, licences or permissions granted to the corporate debtor. The project, launched in 2017, comprises four towers with a planned development of 7.54 lakh sq ft. About 1.14 lakh sq ft had already been sold to 235 homebuyers, who paid nearly ₹50 crore. Mantra Group said it will complete the project and safeguard homebuyers’ interests, marking its second Mumbai foray after a Jogeshwari acquisition.