Rustomjee offers Ariisto lenders Rs 250 crore upfront
Realty developer Rustomjee Group has emerged as the sole bidder for Ariisto Developers, one of the first Mumbai based builders to be admitted by the National Company Law Tribunal (NCLT) for undertaking insolvency proceedings, said persons with direct knowledge of the development.
“According to Rustomjee’s proposal, lenders will get over ₹250 crore upfront and have been offered up to 25% revenue share in the company’s only project spread over 32 acres in Mulund, a suburb of Mumbai,” said one of the persons mentioned above.
Total claims of lenders and other stakeholders, including lenders and operational creditors, stand at ₹2,500 crore. NCLT had admitted and initiated insolvency proceedings against the developer last November.
The company was earlier in talks with realty developers, including Lodha Developers and Shapoorji Pallonji Real Estate, to enter into a joint development agreement and monetise the underconstruction project with a total of over four million sq ft space. However, given the current liquidity concerns, the talks did not materialise.