Mantra Properties, Ashdan Developers in Final Race to Acquire DS Kulkarni under Insolvency Process

Realty developers Mantra Properties and Ashdan Developers are in fray to acquire Pune-based real estate developer D S Kulkarni Developers through the ongoing insolvency process with separate bids of over Rs 800 crore each, the Economic Times of India reported. While Mantra Properties has bid Rs 880 crore, Ashdan Developers has bid Rs 827 crore in the third revision of their plans to acquire the debt-laden company and its projects. The Committee of Creditors (CoC) is expected to take a final call on both the resolution plans this week. “Both the bidders have revised their bids at least three times so far. The resolution professional had asked them to revise it one more time earlier this week and the fourth revision was submitted on Tuesday,” said one of the persons mentioned above. A total of over 700 homebuyers across five stalled projects are awaiting possession of their homes. Based on their third revision of the plan, Mantra Properties has offered to hand over possession to these homebuyers in around 40 months, while Ashdan--a consortium led by Solitaire Group--has sought up to 54 months for the same. Read more.

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