However, the lenders are not keen to settle the matter out of court and have not given their consent for settlement terms offered by Mantri Realty. Mantri Realty, which had defaulted on payments for two years, had reached out to the lenders to negotiate and settle the claims after the court had appointed an official liquidator for all the company's assets. The liquidator, in addition, has also directed to ascertain the exact status of the Mantri Realty's redevelopment project involving Ruby Terrace. The court has also directed the official liquidator to take possession of four flats owned by Mantri Realty in Ruby Terrace building located at Walkeshwar locality in south Mumbai. However, the settlement offered by the developer is for 536 creditors worth Rs 166.945 crore, Agarwal said.

Source: Economic Times June 27, 2016 23:03 UTC