Informist, Thursday, Aug. 28, 2025

NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved Mantra Properties & Developers Pvt. Ltd.'s INR 6.14 billion resolution plan for debt-ridden Acme Realties Pvt. Ltd. The tribunal noted that Acme Realites' secured financial creditors HDFC Capital Affordable Real Estate Fund-I and HDFC Bank will get a total of INR 650 million under the resolution plan within 60 days.

Homebuyers shall be given their respective flats in the 'Acme Boulevard' project in Maharashtra within 18 months, said the tribunal. The corporate insolvency resolution process costs of INR 15 million will be paid at actuals within 60 days in priority to the payment to the financial and operational creditors, said the tribunal.

The case has its genesis from Acme Realties failing to hand over flats to the homebuyers in 'Acme Boulevard' project. Consequently, a group of homebuyers led by one Abhishek Ranganathan and others, in the capacity of financial creditors in a class, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Acme Realties.

In February 2024, the tribunal had admitted the petition to start insolvency proceedings against Acme Realties. The debt-ridden company had admitted dues of INR 43.26 billion. In February, the committee of creditors of Acme Realties approved Mantra Properties' resolution plan for the debt-ridden company.

Mantra Properties & Developers is engaged in the real estate business and has vast experience in the sector for the past 17 years. The net worth of Mantra Properties on consolidated basis including equity and quasi equity was INR 1.81 billion as per audited consolidated financial statements as on Mar. 31, 2024.

At 1246 IST, the shares of HDFC Bank were down 0.7% at INR 966.60 on the National Stock Exchange. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

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