18-Mar-2023 Rehabilitation of huge commercial hub in Mumbai suburb

PROBLEM:

The developer Co. (CD) was under huge debt with one of the leading Nationalized Bank (the Bank). The promoters of CD were found to be involved in huge economical crime and were sent behind the bar by the Economic Offences Wing. The commercial hub consisted of about 488 industrial galas. All gala holders (technically called as Home Buyers) were divided into three to four different groups, having their own ideologies for completing the project. Meanwhile, the Bank had filed insolvency for the CD which had been admitted by the insolvency courts (NCLT). 

The project was about 60% completed, putting the future of gala holders into uncertainty.

SOLUTION:

One group of gala holders (Home Buyers) approached Hemant Mehta, Insolvency Professional (IP), and partner of APMH & Associates, LLP to resolve the issue.  First and foremost, IP tried to resolve issues among gala holders by calling a general meeting of all 388 gala holders and addressing their issues and queries. 

IP appealed to all gala holders to become united and form an Association to become Resolution Applicants and complete the project.  The majority of them agreed and became part of the association. They had put up a resolution plan and had about more than 12-15 rounds of discussion with the banker and finally, the banker had agreed to pass on the completed work and project to the association of gala holders. 

The IP had been appointed as a Monitoring Agency by Hon. NCLT and now the project is on the stage of completion. The final image of the project after completion was submitted.