The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Cubical Realty Pvt Ltd for Vidhant Realty Pvt Ltd, bringing an end to its corporate insolvency resolution process (CIRP). The plan was cleared with 100% approval from the Committee of Creditors (CoC).
The insolvency proceedings were initiated after Kausar Textile Pvt Ltd, a financial creditor, filed a Section 7 petition, leading to the admission of CIRP on September 25, 2023. Mr. Modilal Dhanraj Pamecha was appointed as the Resolution Professional (RP). Following a competitive bidding process, Cubical Realty was selected as the Successful Resolution Applicant (SRA).
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