NCLT Approves ₹1,048.95-Crore Resolution Plan for Spenta Enclave, 300 Homebuyers Set to Get Flats

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved a ₹1,048.95-crore resolution plan for Spenta Enclave Pvt Ltd, marking an important step toward restarting and completing the stalled residential project in Chembur.

The order, issued on September 9, clears the way for the project to move forward after being under insolvency proceedings since March 2023. Around 300 homebuyers with admitted claims of nearly ₹264.29 crore are expected to receive their respective flats under the approved plan.

The resolution plan focuses on completing the remaining phases of the project and handing over homes to eligible buyers after they pay any balance sale consideration due under their agreements.

Spenta Enclave Project Moves Toward Completion

The approved plan provides for the completion of all unfinished phases of the Chembur project. The successful resolution applicant has committed funds to complete construction and deliver the pending homes within the timelines set out in the plan.

A key provision states that homebuyers will not be required to pay any additional amount beyond the amounts already agreed upon under their respective Agreements for Sale. The payment terms will remain unchanged, while the possession schedule will be adjusted in line with the extension granted by the Maharashtra Real Estate Regulatory Authority (RERA) because of the insolvency proceedings.

The project, located near Lal Dongar in Chembur, is being developed on leasehold land at Altavista Sales Building. It consists of nine towers. Four towers had already been completed and handed over to buyers before the insolvency process started.

Around 300 Homebuyers to Receive Their Flats

The resolution professional received claims from 309 allottees classified as financial creditors in the homebuyer category. Claims from around 300 allottees, totaling ₹264.29 crore, were admitted during the insolvency process.

Many of these claims are linked to project phases that remain incomplete and are still at an early stage of construction.

The successful resolution applicant is a consortium led by Aspan Loveji Cooper, Rajiv Suryakant Shah and Surinder kumar, Bansilal Sharma. The consortium has proposed completing the unfinished construction and handing over the respective units to homebuyers.

Under the approved plan, however, buyers will not receive separate interest, compensation or penalties for delays in possession or non-delivery of white goods, apart from the benefits specifically provided in the resolution plan.

The plan also states that claims of homebuyers and flat holders, including certain RERA-related orders, will be treated as settled once the respective units are delivered according to the revised timelines.

The Committee of Creditors approved the resolution plan with a strong 92.87% voting share.

₹537.12 Crore Funding Planned for Project Completion

The consortium has proposed a total fund infusion of ₹537.12 crore to support the completion of the pending phases of the project.

The proposed funding includes ₹150 crore from JM Financial Asset Reconstruction Company Ltd and ₹387 crore from SWAMIH Investment Fund-I. The plan also includes ₹5 lakh through equity infusion and ₹7 lakh as a loan from the resolution applicant.

The order noted that the estimated borrowing requirement for completing the Altavista project was ₹224.37 crore. Credit facilities totaling ₹225 crore had already been confirmed through sanctioned funding.

This financial structure is expected to provide the project with the resources needed to restart construction and move toward the delivery of pending homes.

Special Compensation for 31 Subvention Scheme Buyers

The resolution plan also includes a one-time pre-EMI compensation of ₹3.81 crore for 31 homebuyers who had opted for the subvention scheme.

The compensation will be paid when possession is offered, subject to the concerned buyers clearing their outstanding dues and meeting the payment requirements under the plan.

This provision provides additional financial support to eligible buyers affected by the project's long delay.

Details of Claims and Payments Under Resolution Plan

The approved resolution plan includes payments to different categories of creditors.

Secured financial creditors, whose admitted claims stood at ₹803.93 crore, have been offered ₹702.11 crore under the plan.

Unsecured financial creditors had admitted claims totaling ₹98.22 crore and have been offered an aggregate amount of ₹5.25 lakh. Operational creditors have been offered ₹12.86 lakh.

Overall, claims filed during the resolution process were approximately ₹1,690.18 crore, of which around ₹1,213.63 crore were admitted.

The total value of the approved resolution plan is ₹1,048.95 crore.

Insolvency Process Began in March 2023

Spenta Enclave Pvt Ltd entered the corporate insolvency resolution process in March 2023 after the NCLT admitted a petition filed by Aurum Commercials LLP.

The company was incorporated in 2013 and operates in the real estate development sector. Its insolvency proceedings created uncertainty for hundreds of homebuyers waiting for their homes.

With the NCLT now approving the resolution plan, the project has a clear path toward completion. The proposed funding, construction commitments and delivery framework are expected to help bring the stalled Chembur housing project back on track and provide greater clarity to affected homebuyers.