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NCLT approves INR 1,491 crore resolution plan for Nirmal Lifestyle (Mulund) Private Limited
The Mumbai NCLT has formally approved the resolution plan for Nirmal Lifestyle (Mulund) Private Limited. The plan, submitted by Mantra Properties and Developers Private Limited and facilitated by RP Amit Karia, was unanimously approved by the Committee of Creditors and involves around INR 1,491 crore in debt. It also provides protection for about 234 homebuyers linked to a related partnership firm and its Nirmal Olympia project in Mulund.
Why It Matters
This approval completes the CIRP process for the corporate debtor and protects homebuyers, demonstrating value preservation in insolvency resolutions and enabling project completion.
Timeline
1 Event
NCLT approves resolution plan for Nirmal Lifestyle (Mulund) Private Limited
April 29, 2026
The National Company Law Tribunal (NCLT), Mumbai, formally approved the resolution plan for Nirmal Lifestyle (Mulund) Private Limited. The plan, submitted by Mantra Properties and Developers Private Limited and facilitated by RP Amit Karia of InCorp Restructuring Services LLP, was unanimously approved by the Committee of Creditors (100%). The plan involves approximately INR 1,491 crore of debt and includes protections for around 234 homebuyers associated with a related partnership firm and its Nirmal Olympia project in Mulund, who had no formal standing in the CIRP but will be protected under the resolution plan. The approval signals a clear path toward completion of the project and resolution of liabilities for the partnership firm in tandem with the corporate debtor.