NCLT Approves Resolution Plan for RITE BUILTEC PRIVATE LIMITED
Resolution achieved in overall 450 Days, ending a 15-Year wait for over 750 slum dwellers to receive their homes and rent dues
MUMBAI, India , Jan. 16, 2025 /PRNewswire/ -- In a landmark ruling, the National Company Law Tribunal (NCLT), Mumbai has approved the resolution plan for RITE BUILTEC PRIVATE LIMITED, having an SRA (Slum Rehabilitation Authority) project located in Devipada, Borivali (Mumbai). This marks the 4th (fourth) successful resolution for Resolution Professional Amit Karia, with advisory and process support services provided by InCorp Restructuring Services LLP.
The resolution was completed in a remarkable timeframe of 365 days at the Committee of Creditors (COC) level and overall 450 days including time taken by the Hon'ble NCLT, Mumbai, providing much-needed relief after a prolonged 15-year wait for over 750 slum dwellers to receive their rightful homes and rent dues.
Key Details of the Resolution
- Admitted Claims: INR 170 crores+
- Resolution Applicant: Aspect Global Ventures Private Limited
- Resolution Timeframe: 450 days from initiation to NCLT approval.
- Secured Financial Creditor: Omkara Assets Reconstruction Private Limited will receive the full outlay as per the resolution plan within 15 days of NCLT approval.
- Slum Dwellers Impacted: Over 750 families.
The resolution process encountered significant obstacles, including the violation of the moratorium by the company's suspended directors, lack of essential financial records and documents, and a stay imposed by NCLAT during the early stages of the process. Additional challenges involved hostile entry of agitated slum dwellers into the resolution professional's office, threats from local and other interest groups, unauthorized constructions at the project site, and frivolous applications filed by entities with vested interests.
"This case tested our resilience and ability to stay focused amidst numerous challenges. The successful resolution is a testament to the collaborative efforts of all stakeholders and the robust insolvency framework," remarked Resolution Professional Amit Karia, an Associate Partner at InCorp Restructuring Services LLP.
About Aspect Global Ventures Private Limited
Aspect Global Ventures Private Limited is a diversified company headquartered at Unit No. 501, Dalamal House, 206 Jamnalal Bajaj Marg, Nariman Point, Mumbai. It operates across sectors including hospitality, building and land development, project management consultancy services (PMC), and gold ornament manufacturing.
About InCorp Restructuring Services
InCorp Restructuring Services LLP is an Insolvency Professional Entity recognized by the Insolvency and Bankruptcy Board of India, with Certificate of Recognition No. IBBI/IPE/0129 and a group Company of InCorp India, the Indian entity of international InCorp Group – providing corporate services having presence in Singapore, Hongkong, Indonesia, Philippines, Vietnam and Malaysia.
The IPE is led by a team of Professionals comprised of Chartered Accountants, Company Secretaries, Advocates, MBAs having a vast combined experience and knowledge of more than 20 years spanning in the areas of Banking, Debt Restructuring, Business Turnaround, Fund Raising and Mergers and Acquisition which brings value to the resolution of a distressed company in any of sector such as Infrastructure, EPC, Real Estate, Solar, Engineering, Cable and Wire, Hospitality, Diamond, Textile, Pharmaceuticals, Steel, Healthcare, Education etc.
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