Mumbai, October 14, 2026: The National Company Law Tribunal (NCLT) has approved a resolution plan submitted by Marutee Finsec for Iskrupa Mall Management Company Private Limited, with a total resolution consideration of ₹72 lakh.
The plan received 83.05% votes from the committee of creditors (CoC), with Axis Bank dissenting. Iskrupa Mall Management Company Private Limited (IMMCPL) is a subsidiary associated with the Future Group.
NCLT Approves Resolution Plan
The tribunal, in its order, held that the resolution plan complied with the mandatory requirements of the Insolvency and Bankruptcy Code (IBC) and provided a framework for the revival of the corporate debtor.
The admitted financial claims against the company amounted to approximately ₹145.83 crore, while total claims received were around ₹207.02 crore. Despite the substantial claims, the approved plan provides for a resolution consideration of ₹72 lakh, including an upfront payment of ₹71.74 lakh, to be made within 60 days of approval.
Tribunal Upholds Creditors’ Decision
“This Tribunal further finds that the Plan contains a viable and feasible framework for revival of the Corporate Debtor, with clearly identified sources of funds, performance guarantees and upfront payments. The commercial terms of the Plan, having been approved by the Committee of Creditors with 83.05% voting share, fall squarely within the domain of the commercial wisdom of the CoC and do not warrant judicial interference in the absence of any material irregularity or illegality,” the order reads.
The tribunal noted that the plan provided for payment of insolvency resolution process costs in priority, settlement of operational creditors’ claims and statutory protection for dissenting financial creditors. It also found that the plan had identified sources of funds, performance security and arrangements for implementation and supervision.
Existing Investments Under Resolution Plan
An important feature of the plan concerns the company’s existing investments, valued at approximately ₹82.39 crore as recorded in the insolvency commencement information memorandum.
These investments include equity holdings in Mays Commercial, Acute Retail Infra, Nishta Mall Management and Unique Malls, along with optionally convertible debentures in Bansi Mall Management.
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The NCLT observed that the plan satisfied the statutory requirements and that the commercial decision of the CoC did not warrant judicial interference in the absence of material irregularity or illegality.
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