DSK Legal Acted & Advised DS Kulkarni Developers Limited in its Corporate Insolvency Resolution Process
DSK Legal Acted & Advised DS Kulkarni Developers Limited in its Corporate Insolvency Resolution Process
DSK Legal has actively advised and assisted Mr. Manoj Kumar Agarwal, Resolution Professional of DS Kulkarni Developers Limited (“DSKDL”) with respect to the Corporate Insolvency Resolution Process (CIRP) of DSKDL as per the provisions of the Insolvency and Bankruptcy Code, 2016.
From the year 2000 onwards, DSKDL has completed nearly 26 projects which include high-end residential apartments, mid-segment apartments, affordable housing projects and commercial projects.
The corporate insolvency resolution process of DSKDL commenced on 26 September, 2019, pursuant to the order of the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench in the matter of Bank of Maharashtra vs. DS Kulkarni Developers Limited and Mr. Agarwal was appointed as the resolution professional for DSKDL.
On 23 June, 2023, the NCLT, Mumbai Bench has approved the resolution plan submitted by the consortium of Ashdan Properties Pvt Ltd, Classic Promoters and Builders Pvt Ltd, and Atul Builders for DS Kulkarni Developers Limited for an amount of Rs. 1080 crores.
The team of DSK legal advised the resolution professional right from the commencement of CIRP till the final approval of the resolution plan.
Given that the CIRP has been ongoing for nearly 4 years, there have been changes to the legislation, judicial precedents and various litigations that have arisen in the course of CIRP and the transaction team of DSK Legal has successfully safeguarded the interests of the resolution professional while ensuring value maximisation for DSKDL.
The team representing DSK Legal comprised of Mr. Ajay Shaw (Partner), Mr. Nirav Shah, Mr. Ashish Pahariya (Partner), Ms. Anisha Kumar (Principal Associate) and Mr. Jash Shah (Senior Associate).
The team provided innovative solutions to various complex issues which were faced during the CIRP which had a significant impact on the resolution process.
