New Delhi, Aug 12 (PTI) Oberoi Realty on Monday said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and it will pay Rs 230 crore to the creditors of the bankrupt firm.

In a regulatory filing, Oberoi Realty said the NCLT Mumbai bench issued an order on August 9, 2024, approving the resolution plan submitted by the company in relation to the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Pvt Ltd (NLRPL).

Also Read | Shillong Teer Results Today, August 12 2024: Check Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

The NLRPL holds development rights with respect to land measuring about 20,262.40 square metres at Mulund West, Mumbai.

"The resolution plan provides for payment on the Effective Date (being a date not earlier than 90 days from the NCLT approval date) of an amount of Rs 273 crore to various creditors in the full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date)," the filing said.

Also Read | Punjab State Dear Rakhi Bumper 2024 Draw Date and Time: Punjab State To Declare Dear Rakhi Bumper Lottery Results on This Day at punjabstatelotteries.gov.in, Know Ticket Prices and Winning Amount.

On the effective date, the company would also subscribe to 100 per cent equity share capital of NLRPL for Rs 1,00,000, making it a wholly-owned subsidiary of the company.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)