Mumbai: The National Company Law Tribunal (NCLT), Mumbai, has approved the resolution plan for stressed real estate firm Nirmal Lifestyle (Mulund) Private Limited, paving the way for revival of the company and offering relief to hundreds of homebuyers, including investors in the Olympia project.
The resolution plan, submitted by Pune-based Mantra Properties and Developers Private Limited, was accepted by the tribunal in its order dated April 29, 2026. The company had been undergoing the Corporate Insolvency Resolution Process (CIRP) since July 2023, following a petition filed by Beacon Trusteeship Limited.
A key highlight of the approved plan is an equity infusion of Rs 201 crore by the successful resolution applicant, aimed at reviving stalled projects, completing pending construction, and settling creditors’ dues.
Significantly, the tribunal noted that although no formal claims had been filed by homebuyers, their interests have been factored into the plan based on sales records. The resolution applicant has undertaken to complete Project Divine, being developed by Nirmal Developers, a subsidiary of the corporate debtor.
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As part of the relief measures, homebuyers will be issued a 21-day notice period post-approval of the plan to submit their claims. Eligible buyers will then be given a choice—either pay the remaining dues and take possession of their flats within 48 months from the effective date, or opt for a refund, which is to be processed within 15 months from the approval date.
The tribunal also clarified that homebuyers of Project Olympia, though not classified as direct creditors, will be accommodated under the resolution framework, ensuring they are not left without recourse.
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