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D S Kulkarni Developers: Apart from Ashdan Properties, the consortium also includes Classic Promoters & Builders and Atul Builders. The resolution professional had received three bids for the resolution from entities including Mantra Properties & Developers and Hemendra Shah-led consortium.
The National Company Law Tribunal has approved a consortium led by Ashdan Developers for the resolution plan of D S Kulkarni Developers. The consortium plans to pay Rs 826.30 crore to the stakeholders of the debt-laden real estate developer. The plan includes upfront payment, non-convertible debentures, and the provision of flats to homebuyers. The plan is approved by over 83.3% of the lenders represented by the committee of creditors.