The Bengaluru Bench of National Company Law Tribunal (NCLT) has approved the withdrawal of the Corporate Insolvency Resolution Process for Skylark Mansions Private Ltd. The company has confirmed resuming construction of its four projects that were stalled.
Withdrawal application
The withdrawal application, filed under Section 12A of the Insolvency and Bankruptcy Code , received supportfrom the Committee of Creditors , with 90.32 per cent voting in its favour. This included 84.93 per cent from homebuyers, 14.38 per cent from ACRIL-Asset Reconstruction Company (India) Ltd, and 0.69 per cent from HDFC Ltd.
Founded in 1992, Skylark Mansions Private Ltd, based out of Bengaluru, completed 24 projects totalling two million sq ft.