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KGK REALTY TAKEOVER OF ANUDAN PROPERTIES GETS NCLT APPROVAL

KGK Realty (India) has been granted permission by India's bankruptcy court to
acquire Anudan Properties after the Committee of Creditors approved its
resolution plan.

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M
 * Maulik Vyas & Kailash Babar ,
 * ET Bureau

 * Updated On Apr 10, 2023 at 08:26 AM IST
   

Read by: 100 Industry Professionals
Read by 100 Industry Professionals
India's bankruptcy court has allowed the acquisition of Anudan Properties by
Mumbai-based developer KGK Realty (India). The Committee of Creditors (CoC)
approved KGK Realty's resolution plan with 76.35% voting.

Other developers such as Aanya Real Estate and a consortium of Ashdan
Properties, and NNP Buildcon had also submitted revival plans for the company.

The development is an indication of the rising trend of several established
developers with sound financials scouting for deals in the property sector
through the bankruptcy process.

The latest data from the Insolvency & Bankruptcy Board of India (IBBI) showed
6,199 companies were brought into administration until September-end. Of these,
about 1,240 companies were in the real estate sector. Data suggest that about
805 such real estate companies have received resolution plans from bidders.


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In this specific matter, in March 2021, the tribunal had admitted the company
under the insolvency process and appointed the insolvency resolution
professional (IRP). The first meeting of the CoC was held in April 2021.

The resolution professional had received a total 148 claims amounting to nearly
₹271 crore against the company. Out of 148 claims, 125 claims amounting to over
₹236 crore were admitted.

As part of its resolution plan, KGK Realty (India) has agreed to take over the
responsibility of completing the said project of Anudan Properties. It has
agreed to start the construction of the Thane Project from the CoC's approval to
ensure homebuyers get their homes in a timely manner and to ensure that the
corporate debtor is operated and managed as a going concern.



KGK Realty (India) may also provide funding in the form of interim finance for
incurring the Thane project's cost and obtaining approvals for commencement of
construction at Thane project.

Several strategic buyers and investors are actively scouting for real estate
companies with large land parcels, currently undergoing bankruptcy
administration for loan defaults, as demand for both residential and commercial
properties is witnessing a pick up.

Despite the challenge of insolvency, these companies and their projects are
still finding good interest from investors given the presence of tangible assets
including the land parcels and unfinished structures with a certain portion of
sales achieved already.

In January, the Mumbai bench of the National Company Law Tribunal (NCLT)
approved the resolution plan submitted by Adani Good Homes for the city-based
developer Radius Estate.

Also, the bankruptcy court's New Delhi bench approved the resolution plan of Max
Estate's Boulevard Projects that paved the way to resume the construction of the
residential project 'Delhi One'. Max Estate is a real estate arm of the Max
Group.


   
 * By Maulik Vyas & Kailash Babar ,
 * ET Bureau

   
 * Published On Apr 10, 2023 at 08:25 AM IST
   




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