Lenders accept Supreme Housing's ₹522-crore settlement offer

Canara Bank along with other lenders accepted a ₹522-crore one time settlement offer from Supreme Housing and Hospitality. This settlement will help the company resolve debts close to ₹700 crore, representing a 75% recovery for involved banks. The one-time settlement includes both fund and non-fund exposure from corporate guarantees given to subsidiary entities.

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Hyderabad: NCLT brings Madhapur land into Butta Infra liquidation estate

A significant piece of real estate located in Khanamet, Hyderabad, has been designated as part of the liquidation estate belonging to Butta Infrastructure. This decision stems from a ruling issued by the National Company Law Tribunal, which concluded that LIC Housing Finance did not adequately demonstrate its attempts at asset recovery.

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Sebi allows REITs, InvITs to issue depository receipts

The Securities and Exchange Board of India (Sebi) has authorized the issuance of Depository Receipts for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to increase foreign investment. This new framework allows these investment vehicles to issue fresh units for DRs, mandatory for non-Indian residents, and enforces strict compliance with prior unitholder approval as well as pricing and reporting guidelines.

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All 300 pending high-rise projects get Kolkata civic body's construction go-ahead

Kolkata's high-level committee has sanctioned the continuation of halted housing developments after thorough safety evaluations and assurances from builders. Of the 300 projects assessed, 178 successfully met established safety benchmarks. As a result, restrictions on constructions of up to five stories have been eased, while vigilant supervision will ensure that safety standards are strictly followed for ongoing high-rise projects.

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Over ₹960 crore scam? 127 plots sold, then mortgaged to scam-hit bank in Bengaluru

Fresh allegations of fraud have emerged related to Sri Guru Raghavendra Sahakara Bank Niyamitha involving mortgaged properties. Properties with ongoing financial disputes had previously been sold to unsuspecting buyers, exposing a troubling issue. The bank lacks accurate data on these properties, complicating efforts to determine ownership and value. An association representing affected homeowners has urged the bank to halt any further actions against their interests.

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NCLT voids ₹525-crore guarantee, Mumbai land transfer in JLS Realty dispute

The National Company Law Tribunal declared the transactions of JLS Realty Pvt Ltd invalid, impacting its redevelopment land. It determined that the transfer to Spenta Suncity offered no real commercial advantage for JLS Realty. Additionally, the tribunal invalidated unlawful director appointments and share transfers lacking proper documentation. The ruling mandates the restoration of the company’s assets and rightful shareholding structures.

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IBBI tightens real estate insolvency rules to prioritise home delivery

India's insolvency regulator has implemented new rules to prioritize project completion and better homebuyer oversight. Independent assessments of construction progress and funding needs are now mandatory for real estate projects. Creditors with at least 66% voting share can recommend excluding projects from insolvency proceedings. Homebuyers will now have representation on monitoring committees to oversee implementation. These measures aim to improve transparency and protect the interests of homebuyers during insolvency.

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