The corporate insolvency resolution process of DS Kulkarni Developers Limited (DSKDL) commenced on September 26, 2019, pursuant to the order of the National Company Law Tribunal, Mumbai Bench in the matter of Bank of Maharashtra v. DS Kulkarni Developers Limited and Manoj Kumar Agarwal was appointed as the resolution professional for DSKDL.
On June 23, 2023, the NCLT, Mumbai Bench has approved the resolution plan submitted by the consortium of Ashdan Properties Pvt Ltd, Classic Promoters and Builders Pvt Ltd, and Atul Builders for DS Kulkarni Developers Limited for an amount of ₹1080 crores.
DSK Legal advised and assisted Manoj Kumar Agarwal, Resolution Professional of DSKDL with respect to the corporate insolvency resolution process.
The Firm advised the resolution professional right from the commencement of CIRP till the final approval of the resolution plan. Given that the CIRP has been ongoing for nearly 4 years, there have been changes to the legislation, judicial precedents and various litigations that have arisen in the course of CIRP and we have been able to safeguard the interests of the resolution professional while ensuring value maximisation for DSKDL. We have provided innovative solutions to various complex issues which were faced during the CIRP which had a significant impact on the resolution process.
The team representing DSK Legal comprised Ajay Shaw (Partner), Nirav Shah (Partner), Ashish Pahariya (Partner), Anisha Kumar (Principal Associate) and Jash Shah (Senior Associate).
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