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Pune-based Mantra Group has emerged as the successful resolution applicant for a stalled residential redevelopment project in Worli, Mumbai, with an estimated development potential of INR 2,000 crore. The approval follows an order passed by the National Company Law Tribunal (NCLT) on June 19 under the Corporate Insolvency Resolution Process (CIRP). The Worli project is the developer's third acquisition in Mumbai over the past year, after projects in Jogeshwari and Mulund, taking the combined development potential of the three schemes to around INR 7,500 crore. The project had remained stalled for more than a decade due to financial difficulties and legal disputes involving the previous developer, affecting construction progress and homebuyers.
Mantra Group has secured the rights to complete a stalled residential project in Worli, Mumbai, after being selected as the successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP). The National Company Law Tribunal (NCLT) approved the company's resolution plan on June 19, paving the way for the redevelopment of a project with an estimated development potential of INR 2,000 crore.
The Worli development was originally undertaken by Siddhi Raj Developers but remained incomplete for more than a decade after the promoter, Jagdish Ahuja, was unable to complete construction and became embroiled in legal disputes with landowners. During the intervening period, several residential units had already been sold to homebuyers, leaving the project stalled for years.
Corporate insolvency proceedings against the project commenced in 2023 before the NCLT. During the resolution process, around 20 developers submitted resolution plans for the asset. Following the evaluation process, the tribunal approved Mantra Group's proposal to take over and complete the project, making it the successful resolution applicant.
The Worli acquisition marks Mantra Group's third major project acquisition in Mumbai within the past year. The Pune-based developer had earlier acquired projects in Jogeshwari and Mulund, with the three developments together representing an estimated development potential of approximately INR 7,500 crore. The acquisitions significantly expand the company's footprint in Mumbai, complementing its established presence in the Pune residential market.
The insolvency resolution process was overseen by Amit Vijay Karia, Resolution Professional and Partner at Incorp Restructuring Services LLP. According to Karia, the approved resolution plan was developed through a collaborative process involving various stakeholders and provides a framework for completing the long-pending project while balancing the interests of creditors, homebuyers and other stakeholders. He noted that the resolution process benefited from constructive participation throughout the proceedings.
Commenting on the acquisition, Mantra Group Managing Director Rohit Gupta said the Worli development represents an important addition to the company's Mumbai portfolio. He stated that the project is the developer's third real estate venture in the city and reflects its strategy of expanding into key urban markets through project acquisitions. Gupta added that the combined development potential of the three Mumbai projects acquired during the past year is close to INR 7,500 crore.
The resolution of the Worli project is among several insolvency-led real estate transactions that have enabled stalled housing developments to resume construction under new developers. Such resolutions are intended to facilitate project completion, protect the interests of homebuyers and lenders, and bring long-delayed residential assets back into the development pipeline through the framework established under the Insolvency and Bankruptcy Code.
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