A state-owned construction company has expressed interest in taking over all pending projects of a real estate developer facing multiple cases from homebuyers over delayed deliveries, as well as an investigation into alleged financial irregularities.

During the insolvency proceedings of one of the developer’s group companies, the interim resolution professional (IRP) approached the construction company. The company informed the IRP and the lender that it is willing to take over all projects, provided it is granted complete access to project details and related data.

The developer is responsible for delivering over 15,000 homes. In a recent appellate tribunal order, it was submitted to the court that the construction company is interested in undertaking the projects subject to due diligence, and that the lenders are not opposed to this proposal.

The bankruptcy court had initiated the Corporate Insolvency Resolution Process (CIRP) against the developer’s company based on a petition filed by a bank for non-payment of around ?432 crore in dues.

The developer has also submitted a proposal to the state government for revival, stating that dues to the land authority amount to ?2,670 crore, with nearly half being interest on land costs. The company additionally owes ?830 crore to various banks and has requested around ?5,000 crore from lenders to complete the stalled projects.

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