UK’s Malhotra group acquires 300-acre in Ludhiana through NCLT

economictimes.indiatimes.com:

Malhotra Group PLC, UK- based company, which has business interests in property, care home and leisure across UK, has acquired a stuck project in Punjab’s Ludhiana for around Rs 150 crore. The 300-acre project by Emerald Lands (India) Private Limited was under insolvency process and the National Company Law Tribunal (NCLT) has approved the resolution plan of Malhotra Group PLC after committee of creditors voted in their favour. The company will invest close to Rs 1,200-1,500 crore through FDI in developing the township which include a hotel, health farm, school, golf course and villas and apartments.

“We have been doing the similar business in UK and when the opportunity came to revive a stuck project in our hometown, we decided to bid for it. Now that we have been awarded the project, we will expand our real estate presence in India and will acquire more projects,” said Meenu Malhotra, founder and chairman of the company. About 270 homebuyers, who had booked the home about a decade ago will also get benefitted with the order.

“Most of the buyers had booked the plots in 2011-12 but there has been a limited construction. Homebuyers waiting for the delivery are now hopeful with the new developer taking over,” said Kshitij Jain, authorised representative of homebuyers. According to the NCLT order, Malhotra group PLC is a public limited company incorporated under Companies Act, 2006 in England.