Category Archives: Business

Bengaluru tops dry shampoo searches, Raipur leads Tier-2 shift to science-backed skincare: Honasa’s Year-End Trends Report 2024

As 2024 wraps up, India’s beauty and personal care landscape tells a story of remarkable growth, shifting preferences, and evolving routines. Honasa Consumer Ltd. which is home to brands like Mamaearth, The Derma Co., Aqualogica, Dr. Sheths, BBlunt and Staze Beauty, shared its Year ender Wrap showcasing what India was shopping for in 2024.

India shopped for 99.2 million products underscoring the growing demand for beauty and personal care. With over 18,700 pincodes served this year, Honasa ensured that self-care became a priority across the country, from bustling metros to the remotest corners of India.

As beauty and personal care trends swept across the nation, city-specific stories added unique flavor to the year.

Key insights and trends:

Jammu: Moisturizers topped the charts, becoming the most-ordered product for the year in this region.

Kapurthala: One skincare enthusiast purchased 33 bottles of The Derma Co.’s 2% Kojic Acid Face Serum, proving its popularity for targeted skincare needs.

Parwanoo: Over 1,000 women workers from this region worked behind the scenes to make beauty and personal care essentials, spotlighting the impact of empowering local communities.

Moorang: The demand for Mamaearth baby care products in one of the remotest parts of Himachal Pradesh reflects the rising prioritization of gentle and natural products, even in smaller towns.

Siliguri: During Durga Puja, 9,848 kajals were sold, highlighting the preference for bold eye makeup during festive celebrations.

Patna: Over 10,000 Mamaearth ruby-red lipsticks were purchased during Chhath Puja, reflecting the demand for vibrant festive looks.

Jhansi: A customer bought 45 bottles of Aqualogica Glow+ Sunscreen, making it the region’s most-loved product. It highlights the growing awareness of sun care in Tier 3 cities, a category once limited to metro markets.

Guwahati: A K-drama fan purchased 61 tubes of Mamaearth Rice Facewash, enough for 8 years of glass-like skin!

Raipur: Emerging as a hub for science-backed skincare, Raipur’s growing interest signals a shift toward informed choices in personal care.

Gurgaon: Searches the most for “gifts for girlfriends” on the website, with Aqualogica Mists becoming a go-to choice for thoughtful gifting.

Surat: For a Haldi ceremony, one customer ordered 155 bottles of Mamaearth Ubtan Face Masks, showcasing the role of personal care in cultural traditions.

Mumbai: Became the “Sheet Mask Capital of India,Mumbai reaffirmed its status as a trendsetter for skincare rituals, driven by urban consumers’ focus on self-care.

Hyderabad: As the Baby Care HQ of India, the city purchased the most for baby products reflecting a significant growth in this segment, emphasizing safety and gentleness.

Goa: Unsurprisingly sunscreen emerged as the top-selling product, cementing Goa as India’s sunscreen capital.

Bengaluru: Dry shampoo was a city favorite for last-minute party preparations, highlighting the rise of convenience-driven beauty trends among urban millennials.

Madurai: Consumers nailed their AM PM routines by purchasing 14 tubes of Mamaearth Daily Glow Facewash and 8 bottles of The Derma Co. Retinol Serum.

Itanagar: Aqualogica products were highly loved, reflecting a strong preference for the brand in the Northeast.

Even though every city had its unique favorites, in 2024, skincare emerged as the ultimate solution for every concern!

• Over 26.2 million units of facewash were bought by consumers, solidifying its role as a must-have in daily skincare routines.
• Sun care products followed closely, with 15.9 million units left the hub, reflecting the increasing focus on sun protection.
• Shampoos also captured significant attention, with 11.6 million units purchased, underscoring the continued focus on haircare.
• Meanwhile, hydration became the MVP as India ordered more than 5.9 million moisturizers making it a go-to product in their skincare.

In 2024, Honasa’s products became essentials in daily skincare and beauty routines. Crowd favorites included Mamaearth’s Ubtan Face Wash, Dr. Sheth’s Ceramide & Vitamin C Oil-Free Moisturizer, Aqualogica’s Glow+ Dewy Sunscreens, Bblunt’s Hot Shot Heat Protection Hair Mist, and Staze’s 9 to 9 3-in-1 Lipsticks. These standout products not only captivated consumers but also reflected the evolving trends in beauty and personal care.

Mamaearth’s natural and organic baby care solutions continued to be India’s favourite with over 7.2 million Mamearth babycare products were sold. Mamaearth Baby Sunscreen and Mosquito Repellent Patches became parent-approved heroes, while baby soaps continued to offer soft, clean care for the youngest members of the family. Another one leading the pack was Mamaearth’s Onion range with 9.6 million units sold in 2024- that’s equal to 580 tons of onion!

In 2024, serums became the star of skincare, and Honasa led the charge by delivering over 7.7 million serums and putting active ingredients at the forefront of India’s beauty routines. India loved The Derma Co. 2% Kojic Acid Face Serum, Mamaearth Vitamin C Daily Glow Face Serum, and Dr. Sheth’s Centella & Niacinamide Serum, all of which helped redefine radiance and skin rejuvenation.

The Niacinamide Serum emerged as a top choice with 1.5 million units sold, offering users clearer, smoother skin. The Salicylic Acid Face Serums also gained immense popularity, with 1.2 million units sold, making a significant impact on acne treatment and skin clarity. Together, these active ingredient-powered serums transformed skincare routines, giving India radiant, healthy skin.

And that’s how India embraced Honasa products in 2024 – from baby products to face washes to active serums. 2025 will be a year of developing traditional solutions, continuing investing in science-driven formulations and building effective personal care routines for Indian consumers.

Eco Glamping Festival: Experience the Best of Maharashtra’s Nature, Adventure, and Culture

Mumbai, December 30, 2024 – Maharashtra Tourism is thrilled to announce Eco Glamping Festival, set to take place from January 15, 2025 till March 2025 in the picturesque Gangapur Dam Backwaters (near Tower House) of Nashik. With its breathtaking landscapes and serene environment, Nashik serves as the perfect backdrop for this unique event that combines luxury, culture, and adventure, offering visitors an unforgettable experience.

The festival aims to showcase Maharashtra’s tourism potential by blending the elegance of glamping with immersive cultural experiences and outdoor adventures. Tourists will enjoy accommodation in luxury tents surrounded by nature while engaging in a variety of activities designed to celebrate the region’s heritage and natural beauty. Highlights include the Wine Experience Centre, where visitors can indulge in Nashik’s globally renowned wines, a vibrant Craft & Food Bazaar showcasing traditional crafts and authentic cuisines, and a Rural Experience that immerses participants in the charm of village life.

For adventure enthusiasts, the festival features thrilling activities such as para gliding, para sailing, para motoring, cycling, trekking, duo cycling, all-terrain vehicles (ATVs), and a paintball arena. Adding to the excitement, a rich lineup of entertainment includes cultural performances and interactive workshops on photography, naturopathy, biodynamic farming, tribal art and culture, and eco-marine exploration.

Conveniently accessible via Nashik and Shirdi airports, the Eco Glamping Festival is an ideal destination for families, adventure seekers, and culture enthusiasts alike. This winter, experience the magic of Maharashtra like never before at the Eco Glamping Festival—a celebration of nature, luxury, and tradition in Nashik.

IIFL Home Finance Announces the Sequel of Bharose Ki Keemat Campaign Featuring Abhishek Banerjee

National, 30th December 2024: IIFL Home Finance Ltd., India’s leading affordable housing finance company, is excited to announce the launch of the second video in the ‘Bharose Ki Keemat’ campaign. This new video continues the successful journey of building trust (Bharosa) in personal and financial relationships. The second installment of the campaign, featuring the talented actor Abhishek Banerjee, brings humor and relatability to the concept of trust, creating a memorable and emotional connection with viewers.

Following the success of the first video, the second video continues to focus on the “Bharosa Meter” a playful yet meaningful device that gauges the ups and downs of trust. The storyline expands on the everyday moments of trust in personal and financial relationships, showcasing how small decisions, whether in personal life or financial dealings, can impact the trust meter. The new video promises to captivate the audience with its light-hearted approach while conveying an important message about placing trust in the right hands, especially when making crucial financial decisions like securing a home loan.

The advertisement takes viewers through another vibrant narrative, set in a different yet equally relatable scenario. Abhishek Banerjee’s character once again navigates moments of trust, balancing between personal relationships and financial choices. The popular ‘Bharosa Jingle’ returns, continuing to evoke feelings of warmth and sincerity. The catchy, festive tune ensures the message resonates with the audience, while visually reinforcing the theme of trust. The music and visuals combine seamlessly to create an emotional connection with the audience, highlighting IIFL Home Finance’s role as a trusted partner in the homeownership journey.

Ms. Madhvi Gupta, Head – Marketing, PR, ESG, and CSR, IIFL Home Finance Ltd. says, “The second video from the ‘Bharose Ki Keemat’ campaign continues our story of trust with Abhishek Banerjee, bringing added humour, warmth, and relatability to the original concept. As we wrap up this year, the video serves as a perfect reminder of the importance of trust, not just in relationships but also in the financial decisions that impact everyone’s future. IIFL Home Finance remains committed to being the trusted partner for homebuyers, especially in the affordable housing segment and for the EWS and LIG category.”

Ms. Baani Singh, Senior Group Creative Manager, Schbang on the launch of sequel adds, “With the Bharosa Universe identifying as irreverent, the real challenge was to carry the codes of its conversational craft to a brand out piece. To achieve this, we created a buffet of benefits that clearly brought to life the trust-winning intent of IIFL Home Finance Ltd., using the ‘Bharosa Meter’ for our audience.”

The campaign is expected to generate significant traction across TV, digital, and social media channels, reaching millions of viewers and further solidifying IIFL Home Finance’s position as a trustworthy ally in the homeownership journey. Looking ahead, the brand will continue to build on the success of this campaign, with a second video in the #Bharosa series slated for release in the coming year. The campaign positions IIFL Home Finance as not only a leader in home finance solutions but also a brand deeply invested in fostering relationships built on trust.

JIIF Leads Seed Funding Round for Flo Mobility

India, December 30, 2024: JITO Incubation and Innovation Foundation (JIIF), one of the leading Angel Networks and Incubation Centers in India, has invested an undisclosed amount in a seed funding round for Flo Mobility Private Limited. The other marquee investors, Saurabh Runwal, Debjyoti Paul, Vikram Raichura. The company plans to utilize the fresh funds to expand into the overseas markets, hire talent and enhance their product portfolio for construction automation.

Flo Mobility was founded in 2020 by Manesh Jain and Pratik Patel, with a vision to become a leading construction robotics company. The founders explored various industries before finding its niche in construction automation. The company’s solutions are engineered to be rugged, compact and intelligent to adapt to changing conditions while also reducing emissions owing to electric drivetrain. Additionally, the company has a patented steering mechanism with indigenous manufacturing and a non-lidar based autonomy.

Jeenendra Bhandari, Chairman, JITO Incubation and Innovation Foundation (JIIF) said, “AI and Automation would play an essential role to drive growth in the foreseeable future, and we believe that our investment in Flo Mobility will play a role in helping the company to unlock their potential to stay as pioneer in the space of innovating automation, and we are committed to stay on the journey which will contribute to harness the future growth potential of automation and AI.”

Manesh Jain, Founder and CEO, Flo mobility said “Robotics can play a pivotal role in defining the future of construction. It not only enhances productivity, but also improves worker safety, reduces accidents and ensures consistency in quality of tasks. With rapid progress in edge compute technology, prices of sensors coming down and AI models attaining better accuracy every passing day, timing is apt for take-off of robotics technology. I truly believe that in the next few years, we will see robots all around us.”

Flo Mobility is focused on transforming construction sites with their innovative robotic solutions. India’s leading construction companies – L&T, Sobha, PSP Projects, CapacitE Infraprojects, Total environment etc. are a part of their client portfolio. The company has previously raised a pre-seed round from investors like Blume ventures, Devx ventures and Indian Institute of Sciences (IIsc).

Karur Vysya Bank inaugurated 2 new branches in Tamil Nadu today

30th December 2024, Chennai: Karur Vysya Bank (KVB) inaugurated 2 new branches in Tamil Nadu today. By inaugurating these branches, the total branch network of the Bank increased to 866.

 These branches will offer a comprehensive range of banking services like accounts, deposits and loans including savings and current accounts and locker facilities etc.,

 Karur Vysya Bank has 475 branches in Tamil Nadu. During the financial year 2024-25, the bank added 28 branches across India.

 The new branches that were opened today:
1. 865th Branch: No.8, Saraswathy Nagar, Thirumullaivoyal, Chennai, 600062 – inaugurated by Mrs. Lakshmi, I.A.S., Director for Welfare of the Differently Abled, Govt. of Tamil Nadu
2. 866th Branch: No.72, Sri Amman Tower, R.K.V Nagar, No.1 Tollgate, Trichy, 621216 – inaugurated by Mr. Prakash, Joint Commissioner, Arulmigu Mariyamman Thirukkovil, Samayapuram

The new branches shall cater to all basic banking transactions and also specific needs of customers, offering the entire spectrum of banking products and financial services covering Retail, Institutional and Consumer lending.

 KVB offers Internet Banking and Mobile Banking facilities. KVB DLite, the Mobile Banking app of the Bank offers convenience of financial and non-financial services through 150+ features. The app has been recently upgraded with several customer friendly features.

Sonata Introduces the All-New Sleek Collection

Bengaluru, 30th December 2024: Sonata, India’s leading watch brand, unveils the sixth edition of its iconic Sleek series – the Sleek Collection. This latest launch is a testament to Sonata’s commitment to redefining elegance and innovation, introducing the slimmest men’s watchcase in its history. With its bold new identity and meticulously crafted lineup, the collection embodies minimalist sophistication, perfectly tailored for the discerning tastes of contemporary young professionals. Designed to resonate with urban and suburban trendsetters at the cusp of their professional aspirations, the Sleek Collection marries timeless design with modern sensibilities.

Industry reports reveal a growing preference among Indians for mid-priced watches that deliver both style and value. Sonata’s new Sleek Collection is designed to meet this demand, offering a blend of chic aesthetics and affordability. With its ultra-slim 6.05 mm profile with dish constructed bottom that makes it great for the wrist fitment and versatile options in metal, leather, and mesh straps, the collection seamlessly complements the dynamic lifestyles of young millennials and Gen Z navigating professional and social spaces. Striking the perfect balance between elegance and practicality, this collection reaffirms Sonata’s commitment to evolving with the aspirations of the new-age professional, making it a go-to brand for trend-savvy individuals.

Speaking on the new collection, Mr. Prateek Gupta, Head of Brand – Sonata, said, “With the launch of the new Sleek Collection, we’re taking another big step forward in Sonata’s journey of innovation and excellence. This collection is designed to meet the evolving preferences of today’s professionals, offering the perfect balance of style and practicality. At Sonata, we’re focused on creating watches that not only enhance personal style but also fit seamlessly into the fast-paced lives of our customers.”

Crafted for individuals navigating dynamic and fast-paced environments, the series offers a timepiece that is both aesthetically appealing and functional. Priced between INR 1,895 to 2,895, the Sleek collection is now available at www.sonatawatches.in and at retail outlets across India.

TechnoSport Expands Retail Footprint with Grand Opening in Mysore

Mysore, December 30, 2024 – Technosport, a leader in performance-driven and stylish activewear, successfully opened its new store at the Nexus Center City Mall in Mysore on December 28, 2024. This store marks an exciting addition to Technosport’s growing presence in India, offering a unique shopping experience for fitness enthusiasts.

Spanning 1,000 square feet, the new store is strategically located on the ground floor of the Nexus Center City Mall, making it easily accessible for customers. To celebrate this launch, Technosport provided a special grand opening deal for the first 100 shoppers, who received a complimentary T-shirt along with chances to win exciting giveaways such as gym bags, power banks, and Boat AirDopes. These giveaways highlighted Technosport’s commitment to promoting an active lifestyle with high-quality accessories.

Collection Highlights:

The store showcased TechnoSport’s winter new launches, including the innovative TechnoWarm collection, designed for workouts and outdoor activities during colder months. Technosport achieved its mission of providing high-quality activewear through the integration of leading-edge technology. The product range featured several key functionalities, including moisture-wicking properties that enhanced dryness, quick-drying fabrics designed to keep pace with intense activities, and stretchable designs for optimal flexibility. Additionally, the breathable structures ensured comfort during workouts. The integration of these features made Technosport the go-to brand for fitness lovers, athletes, and individuals seeking an energetic style in their activewear.

Sunil Jhunjhunwala, Co-founder & Managing Director of Technosport, expressed his enthusiasm about the new store: “As we broaden our retail presence, we are committed to striking a balance between stores in major metropolitan areas and those in emerging tier 2 cities.The decision to open our store in a prominent mall like Nexus in Mysore is pivotal, as it provides us with unparalleled visibility and reinforces our brand’s reputation in a growing market. This further strengthens our brand image, allowing us to connect with a diverse customer base.”

Rohit Kulkarni, Business Head – Exclusive Stores stated, the launch of our Mysore store marks an exciting chapter for Technosport as we venture into tier 2 markets. Being situated in a well-established mall like Nexus enhances our credibility and demonstrates that value-driven brands can thrive alongside premium offerings. Our presence here adds substantial value to their retail mix. We look forward to engaging with the community and showcasing our commitment to quality activewear.”

Technosport’s innovative designs and high-performance fabrics ensure that every piece delivers value for money. The launch of the Mysore store aligns with Technosport’s broader strategy to expand its footprint across India and internationally, responding to the increasing demand for quality activewear at economical prices.

The launch event was well-attended by local fitness enthusiasts and media representatives, highlighting the community’s excitement about TechnoSport’s offerings.

Shoppers can look forward to exploring a diverse range of our top-selling products, as well as an exciting lineup of our newest collections, all available at our Mysore store

Redmatter Expands Portfolio to Include a Collection of Exciting Clients for the Next Financial Year

Hyderabad, 30th December 2024: Redmatter, a premier full-funnel marketing agency announced the addition of three esteemed brands – Hansaplast, South India Jewellery, and Snackster by Sneha Group – to its growing portfolio of clients. This latest milestone highlights the agency’s expanding presence and success in the Telangana and Andhra Pradesh regions.

 With an impressive team from various parts of the world & country in the advertising world, the agency has one core belief: while others deliver advertisements, Redmatter delivers business growth. The agency also believes that good marketing is all about risk mitigation through incessant testing. Noticing a gap when it comes to professional marketing guidance for entrepreneurs in the Telangana and Andhra Pradesh market and with an acute sensibility for the consumer insights for the region, the agency has now set a goal for 2035: to grow 100 Indian brands to 1,000 crores.

 Lofty as it is, their target is not unachievable given the team’s existing clients, which include some of the biggest industry names like Jio Star Maa, Zee 5, The Class of One, My Home Group, Nanjappa Health, among others.

 2024 has also seen a spate of new brand launches by Redmatter. Snackster taking on giants like Godrej Yummiez and ITC MasterChef. Extending 100 year old beverage brand Artos to multiple variants, launching a new millet beverage brand Gutsy, and ended the year with the launch of a rice brand Hily by Shekar Foods.

 Redmatter’s work for Foundation for Democratic Reform won them three national level awards, making them the only agency in Hyderabad to win national level awards in 2024.

Parrami Finance Introduces Working Capital Solutions for Start-ups

Mumbai, 30th December 2024, Parrami Finance, registered NBFC, a leading innovative financial solutions provider, has announced the launch of its new working capital program tailored specifically for startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT) to empower start-ups by addressing their immediate financial needs and enabling them to scale their operations seamlessly.

The process focus is to provide revenue generating DPIIT-recognized start-ups with accessible, flexible, and affordable working capital loans to grow India’s entrepreneurial ecosystem and contribute to the nation’s vision of becoming a global innovation hub.

As of June 30, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized a total of 1,40,803 start-ups across India. In the past two years, the number of DPIIT-recognized start-ups has increased significantly to 26596 in 2022 and 34842 in 2023 with the total number of start-ups recognized over the two-year period to 61,438.

“We understand the unique challenges that startups face, especially in their early stages. With this new working capital program, we are committed to bridging the financial gap and equipping startups with the resources they need to innovate, grow, and succeed,” said Mr Kamal Mehta, Director of Parrami Finance Pvt Ltd

India’s evolution as a global business destination is both dynamic and inspiring. Driven by robust economic growth, transformative policies, and increasing global integration, initiatives like Make in India, Digital India, and Startup India have bolstered the nation’s reputation as a business-friendly destination. Moreover, simplifications such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code have further enhanced India’s Ease of Doing Business ranking, signalling a promising landscape for start-ups and MSMEs.

This program aligns with the Government of India’s efforts to support the start-ups ecosystem through schemes like Startup India and Make in India. Parrami Finance’s initiative would provide much-needed liquidity, empowering startups to meet operational expenses, invest in growth opportunities, and navigate market uncertainties with confidence.

RG Group is all set to hand over another bunch of 600 units in 3 towers of RG Luxury Homes

NCR, 30 December 2024: Breaking the stereotype, RG Group has completed construction and formalities of another phase of RG Luxury Homes and obtained the Occupancy Certificate (O.C) for towers D, E and F from competent authorities under the monitoring of IRP (Insolvency Resolution Professional). The group is all set to offer possession and hand over the keys to 600 flat owners. Last year the group obtained OC in A, B, C and M towers comprising 850 units. The project is located in Sector-16B in the Greater Noida West, near Ek Murti Chowk in Uttar Pradesh.

RG Group is gearing up to offer possession of units and commence the process of handover in these units. As a breakthrough, RG Luxury Homes is the first project in Gautam Buddha Nagar to receive an OC after securing an order of Reverse Insolvency from NCLT and completing a stuck project under the supervision of IRP (Interim Resolution Professional).

The project is spread over 18.5 acres having the biggest landscape podium and world-class amenities to its allottees, RG Group’s RG Luxury Homes has achieved OC of 7 towers out of 9 which went under insolvency. The rest of the towers and project is under construction and will be delivered in different phases. Mainly, phase 1 of the project was affected due to proceedings in NCLT since September 2019 which has approximately 1918 units.

As per the process, an IRP was appointed around July 2021 for the revival of the project which was a massive task at that moment. During the process, the promoter expressed his willingness to complete the project and presented a very robust revival plan with the inclusion of finance and time-bound targets. The plan was well supported by all the stakeholders, and allottees, including financial institutions, Greater Noida authority and NCLT-appointed IRP.

In a concise span of three months, around October 2021, RG Group commenced the remaining construction and development work of the project again under the stringent supervision of all stakeholders and IRP, resulting in the completion of a stalled project.

Himanshu Garg, Director, of RG Group said, “Securing the Occupancy Certificate (O.C) of another 3 towers of RG Luxury Homes marks an important milestone for us. Now, we have OC of 7 towers comprising 1450 units and we are extending a warm welcome to our esteemed customers as they embark on their journey to a new experience. It is a testament to our hard work, dedication, and most importantly our willingness to complete the project at any cost that offers a modern-day living. Very soon remaining 460 units of phase 1 will be delivered.”

Mr Manoj Kulshrestha, IRP, said, “Looking at the present scenario of real estate projects hitting NCLT and prolonged resolution process, resolution of RG Luxury Homes was a challenging task in the certain period. But yes, this has created a history in the real estate sector and established a benchmark for others too.”

The IRP further mentioned that to complete the project as per the submitted plan, the promoters willingly sold their personal assets, collaborated with financial institutions and most importantly maintained the faith of the customers in the quickly changing working structure without compromising the quality of construction.

The group’s success can be attributed to its deep understanding of customers and focus on providing practical homes. The company has differentiated itself by incorporating distinctive designs to create an environment where the residents can actively participate, preserve, and connect with the green landscapes around them. The consistent effort to complete the project despite facing insolvency, arranging funds, and maintaining customer trust is a testament to the consumers.

Saurabh Jain, Advocate said “Reverse-CIRP which started with this case has proved to be a great success for real estate projects where the biggest sufferers are homebuyers. Though there were few hurdles initially, as IBC does not provide any specific provision for completion of the project by the promoter, however, looking at the kind of difficulties that the homebuyers had to face in the normal CIRP including but not limited to the uncertainty of completion of project, additional monetary demand by new resolution applicant, quality of construction or facilities being actually given vis-à-vis what is assured under BBA etc., Hon’ble NCLAT took the initiative to devise this unique mechanism for adequate redressal of all issues pertaining to real estate project where the homebuyers have invested their life time savings for their dream home.

Mr. Jain further says, Reverse-CIRP is a win-win for every stakeholder of the corporate which is inreal estate sector. It is about time that reverse insolvency process is incorporated as the first and foremost option for resolution under IBC for any corporate dealing with real estate project as the same would not only save the valuable time for the stakeholders as well as for Tribunals/Courts, but also ensures maximum benefit to every stakeholder as compared to normal CIRP where the financial creditors have to forgo a large portion of their interest in the form of haircut and the operational creditors including the statutory authorities are usually left with nothing or negligible receivable against their actual claims towards the corporate debtor.

Kumar Mihir, advocate for the IRP in the Supreme Court says,” Thanks to the proactive approach of SC and NCLAT, this project has seen the light of the day. This hopefully will be an example that real estate projects can be revived if all stakeholders work with an open mind and have a collective approach to find the solution instead of just indulging in a blame game.