NCLT approves ₹201 crore revival plan for Nirmal Lifestyle's stalled projects
The National Company Law Tribunal (NCLT) in Mumbai has approved a resolution plan for Nirmal Lifestyle (Mulund) Private Limited. The decision, issued on 29 April 2026, brings relief to stalled projects and creditors after the company entered insolvency in July 2023.
The approved plan comes from Pune-based Mantra Properties and Developers Private Limited. It includes an equity infusion of Rs 201 crore to revive unfinished projects and clear outstanding debts. The resolution also covers the completion of Project Divine, developed by Nirmal Developers, a subsidiary of the corporate debtor.
Homebuyers have been given specific options under the plan. They can either pay remaining dues and take possession within 48 months or request a refund within 15 months. Even those from Project Olympia, who did not file formal claims, have been included in the settlement. Once the plan is finalised, eligible buyers will receive a 21-day notice to submit their claims. The insolvency process began after Beacon Trusteeship Limited filed a petition, leading to the Corporate Insolvency Resolution Process (CIRP).
The tribunal’s approval paves the way for Mantra Properties to take over and revive the stalled developments. Homebuyers now have clear timelines for possession or refunds, while creditors will receive settlements as outlined. The Rs 201 crore infusion aims to stabilise the projects and fulfil pending obligations.
