Bengaluru based Prestige Estate has taken over a Mumbai housing project from the debt ridden Ariisto Developers resolving about INR 1650 crores of the total INR 2200 crores owed by Ariisto, as reported by The Times of India. The resolution plan as approved by the Committee of Creditors, is a hybrid plan where the stakeholders would be given upfront cash consideration of around INR 370 crores as well as a share of the commercial area of the project in the insolvency.
Rajani Associates advised Resolution Professional of Ariisto Developers Pvt Ltd led by a team of partners Ashish Parwani, Devesh Juvekar, along with principal associates Rajeev Nair and Dikshat Mehra and associates Nishant Sogani and Chintan Gandhi.
Deal value: INR 1650 crores (USD 220 million)
This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.
Originally published in Legally India
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