KGK Realty (India) Private Limited and Dhoot Infrastructure Projects Limited (Resolution Applicants) have implemented their approved Resolution Plan for Sare Gurugram Private Limited, which was undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
The resolution plan involves payment of approximately ₹225 crores to the creditors of Sare Gurugram Private Limited along with the settlement of claims of Homebuyers. The implementation of the Resolution Plan is likely to have a positive impact for a significant number of homebuyers.
Khaitan & Co acted as the legal counsel for the Resolution Applicants. The firm advised on all aspects of implementation including finalisation of definitive documents required to be entered into towards implementation of the Resolution Plan.
The core team consisted of Siddharth Srivastava (Partner, Banking & Finance, Restructuring & Insolvency), Mohit Kishore (Counsel), Raunak Rahangdale (Principal Associate), Udita Singh (Senior Associate), Shobhit Batta (Senior Associate) and Shikha Mohini (Associate).
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