Real estate firm Prestige Group has emerged as the top contender to take over debt-ridden Ariisto Developers, which is currently under insolvency proceedings, with both lenders and homebuyers approving the resolution plan submitted by the Bengaluru-based company, said two people aware of the matter.
As part of the plan, Prestige Group has offered lenders an upfront payment of more than ₹300 crore and area sharing of Ariisto’s project at Mumbai’s Mulund area, said the first person cited above. The resolution plan has been submitted to the National Company Law Tribunal (NCLT) for approval, the person added.
