NCLT approves Ashdan Properties' INR-1.45-bln IBC plan for Indo Global Soft
This story was originally published at 18:51 IST on 25 November 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Tuesday approved Ashdan Properties Pvt. Ltd.'s INR-1.45-billion resolution plan for debt-ridden Indo Global Soft Solutions and Technologies Pvt. Ltd. The resolution plan is not in contravention of any of the provisions of Section 29A of the Insolvency and Bankruptcy Code, 2016, is in accordance with law and deserves to be approved, the tribunal said.
Ashdan Properties is a stressed asset platform with extensive experience in acquiring and successfully implementing targets, the tribunal said. Ashdan Properties is a part of 'Solitaire Group', which operates primarily in Pune and Mumbai under the brands 'Solitaire' and 'VTP' for residential, commercial and retail developments. The group is also executing two uber luxury projects in Mumbai, namely 'Palais Royale' at Worli Naka and 'Sesen' at Napean Sea Road. According to the tribunal's order, Ashdan Properties has also obtained the support of Kotak Mahindra Bank, which has extended funding assistance of up to INR 9 billion to it for the purpose of acquisition and development of real estate assets and projects.
The tribunal had in 2022 admitted YES Bank's plea to initiate insolvency proceedings against Indo Global Soft Solutions. The corporate debtor has admitted dues of INR 8.95 billion. The debt-ridden company's other creditors include Sammaan Capital Ltd., J.C. Flowers Asset Reconstruction Pvt. Ltd. and Union Bank of India.
Tuesday, shares of YES Bank ended 2.3% higher at INR 22.70 on the National Stock Exchange, while those of
Sammaan Capital closed 0.4% lower at INR 151.74 and Union Bank of India ended 1.2% higher at INR 152.85. End
Reported by Surya Tripathi
Edited by Saji George Titus
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