Major Slum Rehabilitation Project in Mumbai Gains Momentum

The NCLT, Mumbai Bench, approved the CIRP resolution plan for Darshan Group, a significant step in Mumbai's urban renewal. It facilitates slum rehabilitation in Andheri West, benefiting over 5,000 families. Led by InCorp Restructuring Services, the process tackles regulatory complexities and significant claims, marking a milestone in real estate resolution.

Devdiscourse News Desk | Mumbai | Updated: 18-07-2025 17:15 IST | Created: 18-07-2025 17:15 IST

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In a landmark ruling, the National Company Law Tribunal (NCLT) of Mumbai has greenlit a resolution plan crucial for rejuvenating the urban and financial landscape, specifically targeting suburban slum areas. This development marks a significant milestone for the Darshan Group's CIRP, aimed at transforming over 87,000 sqm of slum territory.

InCorp Restructuring Services LLP, spearheaded by Jayesh Sanghrajka, orchestrated the complex resolution process, overcoming regulatory hurdles and consolidating claims amounting to a staggering INR 13,000 crore. This ambitious project in Andheri West is set to usher in improved living conditions for more than 5,000 families.

Approved by both the Committee of Creditors and the NCLT in June 2025, the plan heralds a turning point for Mumbai's real estate insolvency challenges. It establishes a new paradigm for addressing extensive financial and social challenges through innovative use of the IBC framework.

(With inputs from agencies.)