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Informist, Monday, Jun. 15, 2026

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal Monday approved Vraj BVG Infrasheltors LLP's INR-244.13-million resolution plan for debt-ridden New Haven Engineering Co. Pvt. Ltd. Vraj BVG Infrasheltors will pay INR 163.80 million to New Haven Engineering's secured financial creditor Karnavati Finance Ltd. Monday, shares of Karnavati Finance ended 16.0% higher at INR 1.46 on BSE.  

 

Karnavati Finance shall be allotted 1% of New Haven Engineering's equity share capital post-resolution, according to the resolution plan. The given equity participation shall be on the same terms and conditions and on a par value as that proposed to be held by Vraj BVG in the reconstituted shareholding structure of New Haven Engineering, it said. Karnavati Finance shall have the right to exit its shareholding of 1% in New Haven Engineering any time after six months on the terms and conditions contained in the resolution plan, which include the right of first refusal to the successful resolution applicant, it said.

 

Vraj BVG is a limited liability partnership firm established with the objective of undertaking real estate development, redevelopment and infrastructure construction projects across India. The firm is part of a diversified business group having extensive experience across real estate, manufacturing, trading, import, and hospitality sectors for over three decades. As per the statutory auditor's report of Vraj BVG, it has a net worth of INR 320 million, with positive cash flow supported by steady income from group operations. 

 

In 2025, the tribunal had admitted New Haven Engineering into insolvency on a plea by Karnavati Finance. New Haven Engineering had admitted dues of INR 773.97 million from all the creditors. Thereafter, the committee of creditors of New Haven Engineering approved Vraj BVG's resolution plan with 100% favourable votes.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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