D B Realty and its wholly owned subsidiary company, Goregaon Hotel and Realty (Goregaon Hotel) have executed Settlement agreements with Reliance Commercial Finance (Lender) on January 10, 2023 for the loans given by the Lender in the past. In line with the Company's objective to reduce the debt obligations, the parties have agreed to settle all the claims in relation to the Loan agreements by way of amicable settlement in accordance with the terms and conditions as detailed in the Settlement Agreements and the salient terms thereof are: the Company has agreed to pay an amount of Rs 185.60 crore to the Lender as full and final settlement in various tranches; Goregaon Hotel has agreed to pay an amount of Rs 214.40 crore to the Lender as full and final settlement in various tranches. The aforesaid Settlement Amounts shall be payable in various tranches and last amount shall be payable latest by March 31, 2025. On realization of the amount of the 1st installment, the parties have undertaken to unconditionally withdraw all the litigations/proceedings/claims made/filed against each other.
D B Realty is a real estate development company that focuses on residential, commercial, retail and other projects, such as mass housing and cluster redevelopment, in and around Mumbai.
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