Pursuant to implementation of resolution plan
Prestige Estates Projects has infused an amount of Rs 2 lakh to acquire 100% stake in Ariisto Developers on 23 June 2021 for undertaking a realty project in Mulund, Mumbai.The acquisition has been through a resolution plan submitted by the Company in the corporate insolvency resolution process of Ariisto, which was approved by the Committee of Creditors and subsequently by National Company Law Tribunal (NCLT), Mumbai Bench vide its order dated 23 March 2021 and shall be completed in terms thereof.
On 23 June 2021, the Company has also paid an amount of Rs 370 crore, as the upfront cash as per the terms of the approved resolution plan.
As per the terms of the resolution plan approved by the NCLT Mumbai bench, the Company will pay Rs. 370 crore to the lenders of the Project along with 800,000 sq ft commercial space to be developed as part of the Project. The Project to be undertaken by the Company comprises of a mix of residential and commercial use and has a potential saleable area of approximately 7.5 million square feet.
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