The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted and initiated insolvency proceedings against Mumbai-based Ariisto Developers and has appointed an interim resolution professional (IRP) to manage the company.
NCLT has asked other lenders to file their claims against Ariisto Developers by the first week of December. “One of the key lenders to the company was keen on Ariisto bringing in a new partner to take the project ahead and also provide additional guarantee to their exposure,” said one of the persons familiar with the development.
Atithi Patel, director, Ariisto Developers, confirmed the development without elaborating further.
Interestingly, the company has been in talks with realty developers including Lodha Developers and Shapoorji Pallonji Real Estate to enter into a joint development agreement and monetise two of its under-construction projects with a total of over 4 million sq ft space. However, given the current liquidity concerns, the talk has not materialised as yet.
ET’s email query to Shapoorji Pallonji Real Estate remained unanswered till press-time.
“We have been evaluating various opportunities on JV/JDA basis to grow our business in parts of the MMR where we have no/limited supply. We are in dialogue with various land owners including Ariisto regarding the same,” said a spokesperson of Lodha Developers.
