Mumbai, September 9, 2026: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved a resolution plan of Rs 1,048.95 crore (Rs 10,48,95,57,405) for Spenta Enclave Pvt Ltd, paving the way for the revival and completion of its stalled real estate project at Chembur.
The 27-page order, pronounced on September 9, records that approximately 300 homebuyers, whose admitted claims amount to Rs 264.29 crore, are to receive their respective flats under the approved resolution plan.
The plan provides for completion of all pending phases of the project and handing over possession of the respective units to the homebuyers upon payment of the balance sale consideration.
The resolution plan further provides that no additional amount shall be charged from the homebuyers and that the terms and conditions relating to payment shall remain the same as stipulated in their respective Agreements for Sale, except that the date of possession shall stand extended in accordance with the extension granted by RERA, considering that the Corporate Debtor has undergone the corporate insolvency resolution process (CIRP).
300 Homebuyers To Receive Flats
The resolution professional (RP) received claims from 309 allottees, who are financial creditors in a class/homebuyers. Claims of approximately 300 allottees, aggregating to Rs 2,64,29,71,447, were admitted. The majority of the claims relate to phases that are incomplete and at an early stage of construction.
The successful resolution applicant (SRA), a consortium led by Aspan Loveji Cooper, Rajiv Suryakant Shah and Surinderkumar Bansilal Sharma, has proposed to complete all pending phases and hand over possession of the units to the homebuyers.
However, the plan stipulates that, apart from delivery of the units within the timelines prescribed under the resolution plan, homebuyers shall not be entitled to any interest, compensation or penalty on account of delayed possession or non-delivery of white goods.
It further provides that all claims of homebuyers/flat holders/customers, including orders passed by RERA, shall stand extinguished and rendered null and void upon delivery of the respective units in accordance with the revised timelines of RERA. The plan submitted by the SRA was approved by the Committee of Creditors (CoC) with a 92.87% voting share.
Project Under Insolvency Since 2023
Spenta Enclave has been undergoing insolvency proceedings since March 2023, after the NCLT admitted a petition filed by Aurum Commercials LLP. The company, incorporated in 2013, is engaged in real estate development and was developing a project on leasehold land at Altavista Sales Building, near Lal Dongar, Chembur.
The project comprises nine towers, four of which had already been completed and handed over to allottees when the insolvency process began. Under the approved plan, the consortium has proposed a total fund infusion of Rs 537.12 crore.
This includes Rs 150 crore from JM Financial Asset Reconstruction Company Ltd, Rs 387 crore from SWAMIH Investment Fund-I, Rs 5 lakh through equity infusion and Rs 7 lakh as a loan from the resolution applicant.
Funding And Compensation Details
The order records that the estimated borrowing requirement for completing the Altavista project was Rs 224.37 crore, while funding of Rs 225 crore had already been confirmed through sanctioned credit facilities.
The consortium has also proposed a one-time Rs 3.81-crore pre-EMI compensation for 31 homebuyers who had opted for the subvention scheme. The compensation will be payable upon possession, subject to the concerned homebuyer clearing outstanding dues and complying with payment demands.
The plan provides Rs 702.11 crore towards the claims of secured financial creditors, against admitted secured claims of Rs 803.93 crore. Unsecured financial creditors, whose admitted claims total Rs 98.22 crore, have been offered Rs 5.25 lakh in aggregate, while operational creditors have been offered Rs 12.86 lakh.
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The total claims filed before the resolution process stood at about Rs 1,690.18 crore, with admitted claims of approximately Rs 1,213.63 crore. The total resolution plan value is Rs 1,048.95 crore.
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