NCLT approves Mantra Properties buyout of Mulund project

The National Company Law Tribunal has approved a resolution plan submitted by Pune-based Mantra Properties and Developers to take over a stalled residential project in Mumbai's Mulund, bringing relief to 234 homebuyers who had been waiting for possession. The order clears the way for construction to restart.

The approved plan includes an equity infusion of about Rs 201 crore by the successful applicant, to be used for completing pending work, reviving the development and settling creditor dues. The resolution was processed under the corporate insolvency framework.

Stalled and insolvent housing projects have been a persistent pain point in the Mumbai Metropolitan Region, leaving buyers stranded for years. Tribunal-approved takeovers by financially capable developers have emerged as a key route to completing such abandoned developments.