NCLT Approves Rs 990 Crore Joint Bids By KGK Realty And Dhoot Infra For Sare Gurugram

Insolvency tribunal NCLT has approved the Rs 990-crore resolution plan submitted by a consortium comprising KGK Realty and Dhoot Infra for debt-ridden realty firm Sare Gurugram, a unit of Sare Homes.

While approving the bids, a two-member Delhi-based principal bench comprising President Ramalingam Sudhakar and A K Srivastava, Member Technical, directed to deliver possession of the flats strictly as per the time frame promised in the resolution plan.

The said approval by the National Company Law Tribunal (NCLT) will benefit more than 1,300 homebuyers who were stuck since 2012 and awaiting possession of their dwelling units.

The plan provides for a total outlay of Rs 990 crore and the successful resolution applicant proposes to hand over the possession in a time-bound manner.

The bench had also directed that a monitoring committee will be constituted within seven days, which will take all necessary steps for expeditious implementation of the approved resolution plan.

NCLT order said that all projects of Crescent Parc should be completed within 24 months from the construction commencement date.

While the Sports Parc Project shall be completed over a period of 42 months starting from the completion of one year after the effective date.

The resolution plan was approved by the Committee of Creditors (CoC) by 100 per cent votes.

In the said consortium, KGK Realty is the 'Lead Member' with 74 per cent share and the rest 26 per cent is with Dhoot Infra.

Sare Gurugram, earlier known as Ramprastha Sare Realty, owns two parcels of land admeasuring 66.03 acres which is divided into two projects namely 'The Crescent Parc' and 'The Sports Parc' located in Sector 92 of Gurugram, Haryana.

The NCLT bench in its order passed earlier this week had said if the consortium fails to comply the order, a performance bank guarantee of Rs 20 crore deposited by them, shall be forfeited.

"In case of non-compliance with this order or withdrawal of the resolution plan within the stipulated time, in addition to other consequences which follow under law, the CoC shall forfeit the performance bank guarantee, already paid by the SRA. The performance bank guarantee paid by the SRA is over Rs 20 crore," said NCLT order.