The National Company Law Tribunal (NCLT) in Mumbai has approved the acquisition of a Mulund project by Pune-based Mantra Properties from Nirmal Lifestyle. The project spans about four acres and has a total development potential of ₹1,900 crore. Nirmal Developers, which launched the project in 2017, admitted liabilities of ₹1,491 crore, while Mantra Properties proposed a bid of ₹215 crore under the resolution plan. The NCLT emphasized that the approval would not terminate any existing consents or approvals granted to the corporate debtor. The project, which includes four towers covering 754,000 sq ft, has already seen 235 buyers pay ₹50 crore for homes worth ₹230 crore. Rohit Gupta, managing director of Mantra Group, stated that they aim to complete the project and address the interests of existing homebuyers. The acquisition follows interest from around 15 real estate developers, with three final resolution plans submitted, including Mantra's.