KGK Realty & Dhoot Infra Consortium Buys Sare Gurugram Pvt Ltd
A consortium of KGK Realty and Dhoot Infrastructure Projects has bought Sare Gurugram Private Limited, a unit of Sare Homes, under the insolvency and bankruptcy code (IBC) route and has agreed to complete construction of a township that has 3,000 home owners awaiting delivery of their apartments. The consortium outbid five others bidders, including realty companies Alpha Corp and Signature Global and high net worth individual investors Nikhil Jain, Sunil Kumar Jain and Summer Nanda. The company's lenders will recover 25% of their outstanding dues of ?1,000 crore, according to the people cited earlier. The original funding for the company, which is developing a 47-acre township in Gurgaon, came from KKR, Altico Capital and Edelweiss. They subsequently sold their loans. Assets Care and Reconstruction Enterprise (ACRE), Alchemist Asset Reconstruction Company and Bank of India are the existing financial creditors. As per the present plan, the home buyers will get possession of their apartments within 36 months. Rakesh Verma is the authorised representative of the home buyers. Vijay Kumar and Kapil Gupta were also involved in negotiations on behalf of home buyers. AZB & Partners represented Mumbai-based KGK Realty. The project has been stuck for the last five years. RERA registration is yet to be completed. The new owners will also have to renew the Directorate of Town and Country Planning (DTCP) licence and get fresh environmental clearance. All the creditors are said to have approved the offer of KGK Realty and Dhoot Infrastructure at a recent meeting of Sare Gurugram Private Limited’s committee of creditors.
Tags : Realty Spotlight RERA Insolvency Home buyers DTCP town and country planning KGK Realty. Dhoot Infrastructure Sare Gurugram Sare Homes Bidders