NCLT Approves Rs 1,049 Crore Plan to Revive Stalled Chembur Housing Project
The Mumbai bench of the National Company Law Tribunal has approved a Rs 1,048.95-crore resolution plan for Spenta Enclave Pvt Ltd, clearing the way to revive and complete its stalled residential development in Chembur. The 27-page order, pronounced on September 9, 2026, ensures that approximately 300 homebuyers with admitted claims worth Rs 264.29 crore will receive possession of their flats.
Under the sanctioned plan, no additional charges will be levied on buyers beyond their original sale agreements. The terms and conditions regarding payments will remain intact, though possession timelines will be extended in accordance with approvals granted by the Real Estate Regulatory Authority. Homebuyers will not be entitled to interest, compensation, or penalties for past delays or non-delivery of white goods, and existing claims or RERA orders will stand extinguished upon handover.
The successful resolution applicant is a consortium led by Aspan Loveji Cooper, Rajiv Suryakant Shah, and Surinderkumar Bansilal Sharma. The Committee of Creditors approved the consortium's proposal with a 92.87 percent voting share. The resolution professional had admitted claims from around 300 of 309 allottees who filed as financial creditors in a class, with most claims linked to incomplete phases still in early stages of construction.
Spenta Enclave entered the corporate insolvency resolution process in March 2023 following an admission order on a petition filed by Aurum Commercials LLP. Incorporated in 2013, the developer had undertaken the Altavista project on leasehold land near Lal Dongar in Chembur. The project comprises nine residential towers, four of which were already completed and handed over before insolvency proceedings began.
To finish the remaining phases, the consortium has proposed a fund infusion of Rs 537.12 crore. This includes Rs 387 crore from the SWAMIH Investment Fund-I, Rs 150 crore from JM Financial Asset Reconstruction Company Ltd, Rs 5 lakh as equity infusion, and Rs 7 lakh as a loan from the applicant. Funding of Rs 225 crore had already been confirmed through sanctioned credit facilities against an estimated borrowing requirement of Rs 224.37 crore.
The plan also allocates Rs 3.81 crore as a one-time pre-EMI compensation for 31 homebuyers who had enrolled in a subvention scheme, payable upon possession once pending dues are cleared. Across the wider insolvency process, secured financial creditors will receive Rs 702.11 crore against admitted claims of Rs 803.93 crore, while unsecured financial creditors with admitted claims of Rs 98.22 crore will receive Rs 5.25 lakh, and operational creditors will get Rs 12.86 lakh.
