LE Desk

New Delhi, October 29, 2021: L&L Partners have advised Kotak Realty Fund in relation to subscription of non-convertible debentures(NCDs) of Rs 200 crore in a project of thereal estate group BPTP, the Law Firm has said.

The Firm acted as the lead counsel for Kotak Realty Fund in structuring the joint venture between the project SPV (Ridgecraft Homes), erstwhile developer, land owning entities and BPTP Limited.

“We were involved in extensive due diligence of the project lands entailing title verification and license related issues including requirement of permissions / NOCs from the DTCP, Haryana and structuring-cum-drafting of the joint development agreements, power of attorney, settlement agreement between the relevant entities,” L&L Partners said in a press statement.

The Firm rendered extensive advice and assistance in relation to release and satisfaction of the existing charges through execution of mortgage release deeds and letters and requisite filings to be made with the RoC and revenue authorities; along with vetting of security documents with special emphasis on the security description and enforceability issues in light of the DDJAY rules / regulations.

The L&L team comprised of Vaibhav Suri (Partner) and Manjul Mantri (Senior Associate) supported by Sachin Chandola and Prem Prasad.

The team worked within very strict timelines to: (a) complete the diligence and resolve the title issues with BPTP team, (b) devise the entire structure (JDA versus plot sale) vis-à-vis the extant DDJAY & DTCP regime, (c) engage in extensive discussions and meetings with BPTP team to streamline the complexities and shortcomings of their existing charges and identify the steps to be taken to harmonize (satisfaction / modification) of the existing charges and the proposed charge to be created in favour of Kotak Realty Fund, the statement said.

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