NCLT approves Puma Realtors' resolution plan for Singhal Strips
This story was originally published at 19:15 IST on 2 May 2025
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NEW DELHI – The Delhi bench of the National Company Law Tribunal has approved real estate company Puma Realtors Pvt. Ltd.'s resolution plan for debt-ridden Singhal Strips Ltd. "Accordingly, we hereby approve the resolution plan, which shall be binding on the corporate debtor and its employees, shareholders of the corporate debtor, creditors including the central government, any state government or any local authority to whom statutory dues are owed..." said the tribunal.
In its resolution plan, Puma Realtors has provided for a total corpus of INR 228.34 million through a mix of equity, unsecured loan, secured loan, debentures for the resolution of Singhal Strips. The given payout consists of payment of corporate insolvency resolution process cost, payment to secured financial creditors, unsecured financial creditors and the unpaid stamp duty.
Puma Realtors will pay INR 227.20 million for the admitted claim of INR 931.40 million to the secured financial creditors. Further, the successful resolution applicant will pay INR 11.83 million for the admitted claim of INR 341.50 million to operational creditors.
In 2023, the tribunal had admitted a petition by Jindal Stainless Ltd. to start insolvency proceedings against Singhal Strips. Thereafter, the committee of creditors of the debt-ridden company approved Puma Realtors' resolution plan with 100% favourable votes in September.
On Friday, the shares of Jindal Stainless Ltd. ended 0.9% higher at INR 588.25 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Vandana Hingorani
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