DS Kulkarni Developers insolvency: Financial creditors to meet on July 3

Image: Shutterstock

Financial creditors of Pune-based D S Kulkarni Developers Ltd will meet on Saturday to discuss bids for acquiring the debt-laden realty firm.

In a regulatory filing, D S Kulkarni Developers Resolution Professional (RP) Manoj Kumar Agarwal informed that a meeting of the Committee of Creditors (CoC) is scheduled to be held on Saturday, July 3, 2021.

Mantra Properties & Developers and Solitaire group are among the three companies that have submitted their bids to acquire D S Kulkarni Developers through the insolvency process.

In September 2019, the National Company Law Tribunal (NCLT), Mumbai Bench ordered the commencement of the corporate insolvency resolution process (CIRP) in respect of D S Kulkarni Developers Ltd under the provisions of the Insolvency and Bankruptcy Code, 2016, on an application filed by Bank of Maharashtra.

According to sources, the three contenders have been asked to submit their final bids by Friday and the same will be discussed on July 3.

While Mantra Properties and Solitaire group have submitted their bids to acquire D S Kulkarni, the third party has submitted its resolution plan to acquire only one project of the embattled firm.

A total claim of around Rs 1,750 crore has been made, out of which nearly Rs 1,050 crore pertains to 12 banks and other financial institutions.

Institutional financial creditors have 66.7 per cent voting rights in the Committee of Creditors (CoC). Homebuyers and fixed deposit holders have nearly 17 per cent voting rights.