NCLT okays first resolution plan in realty; Oasis to invest in Vishwakarma

Sanjay Chugh, head of Chennai branch of Anarock Property Consultants, said the NCLT's okaying the resolution plan would boost the confidence in the sector

The Chennai Bench of the National Company Law Tribunal (NCLT) has approved a resolution plan of Oasis Grace Engineering Projects for Vishwakarma Real Estates & Constructions. This makes the first instance of a real estate firm getting a resolution plan approved by the NCLT. 

Vishwakarma Real Estates & Constructions defaulted around Rs 68 crore to bankers, including ICICI Bank, ICICI Home Finance Company, and Canara Bank. 

The insolvency application was filed by financial creditor North Town Estates and the process was initiated through an order on April 6, 2018. The authorised representative for homebuyers was also appointed as part of committee of