Three real estate firms and a businessman bid for Dignity Buildcon's commercial towers in Gurugram

Three leading real estate firms - Gurugram-based M3M Group, Bengaluru-based Salarpuria Sattva, Ahmedabad-based Safal Group - and businessman Madhav Dhir have submitted separate resolution plans to acquire bankrupt Dignity Buildcon, which owns three commercial towers located along the Golf Course Extension Road in Gurugram.

They are all in the race to acquire Vision Towers, a stuck project by Religare  located along the Golf Course Extension Road. The building is almost complete, sources said.

The bid was organised by existing lenders Blackstone, Standard Chartered and Alchemist recently.

There are eight financial creditors, including three Blackstone group firms. The sources said the lenders will soon vote on the resolution plans submitted by the four parties.

The insolvency process for Dignity Buildcon started last year.

The project comprises three towers and is spread across an area of 1.10 million sq. ft, sources said.

Blackstone-backed Sattva , Alchemist ARC founder Alok Dhir, Safal - a company based out of Ahmedabad - and M3M, locked horns at an open bidding process that lasted for over 12 hours, sources told Moneycontrol.

All the four bidders have offered to pay some amount upfront to creditors and the rest in installments over the next three to four years, the sources said.

According to sources, M3M was the highest bidder in the open bidding process, and offered to invest approximately Rs 1,000 crore in the stuck project. It promised an amount of Rs 533 crore to creditors to settle their dues and the remaining amount for finishing, approval sanctions, and creditors’ returns.

The bids of Safal group and Salarpuria Sattva are valued at Rs 487 crore and Rs 417 crore, respectively. Madhav Dhir, son of Alchemist ARC's promoter Alok Dhir, has bid Rs 491 crore.

Further, the sources said M3M has offered Rs 21 crore upfront and rest will be paid in four-yearly installments. Salarpuria Sattva has offered an upfront amount of Rs 125 crore,while Safal group and Madhav Dhir have offered around Rs 80 crore each.

All the four firms declined to comment.