Dentons Link Legal assisted its clients, VRM Share Broking Pvt. Ltd., MR Share Broking Pvt. Ltd., Dhanshree Fashions Private Limited and Utsav Mall Management Pvt. Ltd. (“Clients”) in recovery of an amount of INR 27,24,18,876/- Crores due and payable under various loan facilities availed by Neelkamal Realty and Builders Pvt. Ltd. (“Neelkamal”) between 2018-2019. These loan facilities were secured by way of mortgage of an immovable property being City Centre Mall, located in South Mumbai, Maharashtra.
Dentons Link Legal represented the Clients in proceedings initiated against Neelkamal u/s 7 of the ‘Insolvency and Bankruptcy Code, 2016’ before the Hon’ble National Company Law Tribunal, Mumbai (“NCLT”) seeking insolvency of Neelkamal due to its inability to repay the default debt of INR 27,24,18,876/- Crores which was in default since 2021. During the course of proceedings before NCLT, Neelkamal had also initiated various proceedings before other authorities against the Clients.
Dentons Link Legal negotiated with Neelkamal on behalf of the Clients for a complete settlement of all pending disputes between the parties and subsequently facilitated the parties to enter into consent Terms. In terms of these Consent Terms, the dues of the Clients under the loan facilities are repaid and all pending proceedings between the parties are withdrawn.
The team was headed by Ms. Petrushka Dasgupta, Partner, Ms. Ankita Yadav, Senior Associate, Mr. Altamash Qureshi, Senior Associate, Mr. Devdatta Uchil, Associate.