Rajani Associates advised Resolution Professional of Ariisto Developers Pvt Ltd on the deal.

As reported in Legally India and in others online publications 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.

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.

The Rajani Associates team was led by partners Ashish Parwani (Picture), Devesh Juvekar, along with principal associates Rajeev Nair and Dikshat Mehra and associates Nishant Sogani and Chintan Gandhi.

Involved fees earner: Chintan Gandhi – Rajani Associates ; Devesh Juvekar – Rajani Associates ; Dikshat Mehra – Rajani Associates ; Rajeev Nair – Rajani Associates ; Ashish Parwani – Rajani Associates ; Nishant Sogani – Rajani Associates ;

Law Firms: Rajani Associates ;

Clients: Ariisto Developers ;