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The 990-crore resolution plan for the insolvent real estate company Sare Gurugram, a division of Sare Homes, proposed by a consortium consisting of KGK Realty and Dhoot Infra, has been approved by the insolvency tribunal NCLT.
A two-member primary bench in Delhi, made up of President Ramalingam Sudhakar and Member Technical A K Srivastava, approved the bids and ordered that the flats be delivered precisely within the time range specified in the resolution plan.
More than 1,300 purchasers who have been waiting to take possession of their housing units since 2012 will benefit from the reported NCLT clearance.
The proposal calls for an overall investment of Rs 990 crore, and the chosen resolution applicant promises to transfer ownership in a specific amount of time.
The bench had also mandated the creation of a monitoring committee within seven days, which would swiftly carry out the resolution plan that had been agreed upon.
According to an NCLT mandate, all Crescent Parc developments must be finished within 24 months of the start of construction.
While it will take 42 months for the Sports Parc Project to be finished, starting one year after the effective date. The Committee of Creditors (CoC) unanimously adopted the resolution plan.
In the aforementioned partnership, KGK Realty holds a 74% share as the “Lead Member,” while Dhoot Infra holds the remaining 26%.
The Crescent Parc and the Sports Parc are two developments that are divided into two pieces of land that Sare Gurugram, formerly known as Ramprastha Sare Realty, owns in Sector 92 in Gurugram, Haryana.
A performance bank guarantee of Rs 20 crore that the consortium had deposited will be forfeited, the NCLT court stated in an order it issued earlier this week.
“In addition to legal repercussions, the Committee of Creditors (CoC) shall lose the performance bank guarantee already paid by the SRA in the event that it infringes this order or withdraws the resolution plan within the selected period. The SRA has provided a performance bank guarantee worth more than Rs 20 crore, according to an NCLT judgement.