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Lokhandwala Minerva, Mahalakshmi, Mumbai

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Lokhandwala Minerva, Mahalakshmi, Mumbai

Last updated: September 28 2019
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  • Lokhandwala Minerva, Mahalakshmi, Mumbai

    Lokhandwala Minerva is a 90-floor supertall skyscraper under construction in Mumbai, Maharashtra, India. It will have two towers of 90 floors, each of which will encompass parking floors from 4th to 13th, two triple-heighted levels of World Class Amenities from floors 14th to 19th, 5-heighted open-to-sky Podium Landscape Garden on 20th floor with 2 Banquet Halls through floors 20 to 24 and a service level on the 25th floor, residential floors from 26th to 87th, and two penthouses from floors 88 to 90. There will be a transfer girder on level 52 and a service level right above that on level 53, dividing the tower into two separate configurations: 3 BHKs below and 4 BHKs above.


    Last edited September 28 2019, 04:20 AM.
  • #2

    #2

    Re : Lokhandwala Minerva, Mahalakshmi, Mumbai

    Mumbai realty developer dragged to NCLT by creditor

    The Mumbai Bench of the NCLT has admitted the case under Section 7 of IBC against Lokhandwala – the builder of marquee luxury properties like Minerva in the south Mumbai neighbourhood of Worli, among others.

    Shubhra TandonSeptember 27, 2019 1:25:51 AM
    The case was admitted on September 19, 2019.

    South Mumbai real estate developer Lokhandwala Infrastructure has been dragged to the National Company Law Tribunal (NCLT) by its financial creditor Dalmia Group Holdings, claiming a total default of over Rs 36 crore, including interest.

    The Mumbai Bench of the NCLT has admitted the case under Section 7 of IBC against Lokhandwala – the builder of marquee luxury properties like Minerva in the south Mumbai neighbourhood of Worli, among others. The case was admitted on September 19, 2019.

    The Bench has appointed Ajit Kumar as the resolution professional. The RP has put out notice asking for claims from creditors of Lokhandwala Infrastructure.

    According to an uploaded order, the dispute is “in respect of construction of a commercial project by the name of ‘Lokhandwala Business Bay’ situated at Kurla Andheri Road, Mumbai. Lokhandwala sought to avail financial facilities from Dalmia by selling the entire area comprised of the second and third floors in the said project, with a right to buy back the said floors after a period of 24 months, but before the expiry of 36 months from the date of advance”.

    According to Dalmia’s submissions before the NCLT, the total consideration for buying the said floors was over `41 crore, out of which it agreed to disburse an amount of Rs 25 crore as advance with an obligation to pay the balance amount at the time of taking possession of the said floors.

    Dalmia has submitted that as per the MoU, Lokhandwala was to repay quarterly interest at 21% per annum. “The respondent (Lokhandwala Infrastructure) has paid the quarterly interest till the quarter ending September 2017. However, such instalments were not paid on time and were delayed payments. The applicant (Dalmia) submits that the respondent has defaulted in making payments from the third quarter of the financial year 2017-18 and has not honoured the terms of the MoU dated 04.04.2016,” the submission read.


    https://www.financialexpress.com/ind...mpression=true


    Mumbai developer Lokhandwala goes bust, felling skyscraper plans with Shapoorji


    Lokhandwala Infrastructure Pvt. Ltd is the latest to go bust, its bankruptcy spoiling plans to complete the 90-floor iconic Minerva skyscraper at Mahalaxmi racecourse in South Mumbai for which the real estate developer had roped in biggie Shapoorji Pallonji Group five months ago.

    Last week, the National Company Law Tribunal (NCLT) initiated insolvency resolution proceedings against the Mumbai-based developer asking its operational creditors, financial creditors, homebuyers and employees to submit their claims with proof by October 3, according to a public notice.

    The tribunal hopes to conclude the insolvency resolution process by March 17, 2020, said the notice issued by insolvency resolution professional Ajit Kumar who will now take over management control of the unlisted realty firm and work with creditors to thrash out a revival plan.

    Dalmia Group Holdings, one of Lokhandwala Infrastructure’s investors, had approached the tribunal after the builder failed to make quarterly payment. Dalmia Group had invested Rs 41.16 crore in the developer in lieu of two floors at its upcoming project in Lokhandwala Business Bay at Kurla Andheri Road, in the northern suburbs of Mumbai. NCLT said, "The applicant (Dalmia Group) submits that the total consideration for buying the said floors was Rs 41.16 crore, of which Dalmia Group agreed to disburse an amount of Rs 25 crore as advance with an obligation to pay the balance amount at the time of taking possession of the said floors."

    The builder failed to honour its buyback agreement entered with the Dalmia Group to acquire all six units on these two floors and to pay 21% annual interest on a quarterly basis.

    As a financial creditor, Dalmia Group claims dues of Rs 36.98 crore including interest, the tribunal said in its order.

    Incorporated in 2006, Lokhandwala Infrastructure is the second realtor to go insolvent under the provisions of the Insolvency and Bankruptcy Code (IBC) after Housing Development and Infrastructure Ltd (HDIL), which was admitted to NCLT on August 26 following its failure to repay dues worth Rs 522 crore to Bank of India.



    https://www.vccircle.com/mumbai-deve...ith-shapoorji/
    Another Big Developer Of Mumbai May Be Wound Up; Insolvency Proceedings Started

    New Delhi: Another big developer of Mumbai may be wound up as the National Company Law Tribunal has started insolvency proceedings against it within a month of similar legal action that was started against HDIL. Now the NCLT has started insolvency proceedings against Lokhandwala Infrastructure Pvt Ltd, according to a news report by Mumbai Mirror.

    The proceedings were initiated on 19 September and the process is likely to get over by 17th March 2020.

    The court has appointed Ajit Kumar as Insolvency Resolution Professional (IRP). Kumar has asked the financial creditors, operational creditors, home buyers and the employees of the firm to submit their claims against the company by 3rd October.

    Such proceedings were also started against HDIL last month after Bank Of India had approached NCLT over non-payment of its dues amounting to Rs 522 crore by HDIL.

    https://realtyninfra.com/another-big...edings-started
    Last edited September 28 2019, 05:47 AM.

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