Rapid Resolution in Real Estate: Manpreet Estates LLP Revitalized

Amit Karia achieved a swift resolution for Manpreet Estates LLP's insolvency in less than a year. This involved resolving INR 280 crores in claims and transitioning the real estate project to Wadhwa Group. InCorp Restructuring led by RP Jayesh Sanghrajka facilitated this and other notable resolutions, helping thousands reclaim homes.

Amit Karia, an Insolvency Professional and partner at InCorp Restructuring Services LLP, successfully resolved the insolvency case of Manpreet Estates LLP, a major real estate project in Mumbai's Khar West. The case, involving admitted claims of approximately INR 280 crores, was settled at the Committee of Creditors (COC) level within five months.

The entire resolution process, including approval from the Hon'ble NCLT, Mumbai, concluded in less than 12 months. The resolution resulted in the takeover of Manpreet Estates LLP by Wadhwa Group Holdings Private Limited, renowned for its significant contributions to Mumbai's real estate development.

Amit Karia attributed the swift resolution to the IBC framework, which allowed for an efficient resolution process, benefitting all stakeholders. InCorp Restructuring, led by RP Jayesh Sanghrajka, has resolved claims worth over INR 10,000 crores in recent years and impacted over 5000 homebuyers positively.

(With inputs from agencies.)