A bank, one of the lenders to a real estate developer, has approved and sanctioned the resolution plan for the company’s Dehradun project, paving the way for delivery to over 600 homebuyers. The developer had submitted a project-wise resolution plan to the National Company Law Appellate Tribunal (NCLAT), and this is the first project to receive approval from the lender. The bank has also consented to the inclusion of a co-developer in the project.

Recently, an investment advisory firm agreed to invest ?450 crore in the developer’s stalled mixed-use project in Noida, providing a significant financial lifeline. The 5 million sq ft project in Sector 94 is currently 50% completed and includes the tallest residential tower in the NCR region. Upon completion, the project has a revenue potential of over ?7,000 crore, according to the developer’s proposal to the local authority.

The developer has also submitted a proposal to the Uttar Pradesh government for project revival and is in the process of selling some land parcels to provide exits to lenders while using the remaining funds to expedite construction on stalled projects.

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