Oberoi Realty on Monday announced that the National Company Law Tribunal has approved the resolution plan of Nirmal Lifestyle Realty and will pay Rs 2,300 crore to the insolvent company's creditors.In a regulatory filing, Oberoi Realty said the Mumbai branch of the NCLT has issued an order on August 9, 2024, approving the resolution plan submitted by the company in connection with the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Ltd (NLRPL).
NLRPL holds development rights on approximately 20,262.40 sq. metres of land in Mulund West, Mumbai.
“The resolution plan provides for the payment of Rs 2,730 crore to various creditors as full and final settlement on the effective date (a date not less than 90 days after the date of NCLT approval) and payment of CIRP expenses actually incurred up to the effective date,” the filing said.
On the effective date, the Company will subscribe for 100% of the equity share capital of NLRPL at Rs 100,000 crore and make NLRPL a wholly owned subsidiary of the Company.
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