Lucknow: The corporate insolvency resolution process (CIRP) of Andes Town Planners Private Limited, developer of the Rohtas Plumeria housing project in Gomti Nagar, Lucknow, has entered a crucial phase, with multiple bidders reportedly competing to revive the long-delayed real estate project.
The company was admitted into CIRP in March 2023 under the Insolvency and Bankruptcy Code (IBC), 2016. While the resolution process was initially expected to conclude within a defined timeline, it has faced delays due to creditor-related developments, legal proceedings, and changes in insolvency administration.
Industry observers say the case has evolved into a complex resolution exercise involving commercial, legal, and land-related…