The National Company Law Tribunal (NCLT), Mumbai on 16th January 2025 approved the resolution plan for the corporate debtor Rite Builtec Private Limited, marking a significant milestone in resolving this long-pending Slum Rehabilitation Authority (SRA) project in Devipada, Borivali, Mumbai. Aspect Global Ventures Private Limited is the successful resolution applicant. The resolution plan involves payment of Rs 36 crore to sole financial creditor Omkara Assets Reconstruction Private Limited against its total admitted claims of Rs 105 crore. The resolution plan also has provision for payment of rent amount payable to 750 and slum dwellers, as may be directed by the Slum Rehabilitation Authority (SRA).
This…
