AIWL selected as resolution applicant for Shree Sainath

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AI summary

Ashoka Buildcon's wholly owned subsidiary, Ashoka Infraways, received a letter of intent after creditors selected it as resolution applicant for Shree Sainath Land and Development. AIWL will pay Rs 80.52 crore to creditors, including Rs 21.02 crore upfront to LIC Housing Finance and the balance over four years, and provide flats to aggrieved homebuyers. AIWL would own 100% of the target, subject to tribunal approval.

Likely market impact

AIWL may gain full ownership of the project, but the plan and its Rs 80.52 crore payment duty still need National Company Law Tribunal approval.