Landmark Resolution Revives Slum Rehabilitation Project in Mumbai

The National Company Law Tribunal in Mumbai has approved a resolution plan for RITE BUILTEC PRIVATE LIMITED's SRA project, providing relief to over 750 slum dwellers after a 15-year wait. The resolution involved overcoming significant challenges and required a collaborative effort by all stakeholders.

In a groundbreaking development, the Mumbai branch of the National Company Law Tribunal (NCLT) has sanctioned a resolution plan for RITE BUILTEC PRIVATE LIMITED, which involves a Slum Rehabilitation Authority (SRA) project in Devipada, Borivali, Mumbai. This marks the fourth successful resolution under the stewardship of Resolution Professional Amit Karia, with advisory inputs from InCorp Restructuring Services LLP.

The entire process was expedited in an impressive timeline, reaching completion in 365 days at the Committee of Creditors (COC) level and 450 days overall, including the NCLT's approval period. This vital ruling brings much-awaited respite to over 750 slum dwellers who had been waiting for their homes and rent dues for 15 long years.

Despite considerable challenges including unauthorized site constructions and aggressive interventions by various interest groups, Resolution Professional Amit Karia praised the robust insolvency framework and the teamwork involved in achieving this resolution.

(With inputs from agencies.)