Ahluwalia Contracts (India) Ltd is all set to exit bankruptcy as the Delhi-based construction firm has settled up with an operational creditor.
A2 Interiors Products Pvt Ltd had pushed the firm, backed by Singaporean Nalanda India Equity Fund Ltd focused on public markets, into bankruptcy after alleging a default of Rs 14.10 crore.
The operational creditor had submitted before the tribunal that the sum pertained to works related to interiors, furnishing and allied civil and electrical works at various project sites.
The tribunal had appointed Satish Kumar Chugh as the interim resolution professional.
Having settled up, the creditor is now in the process of pulling the case.
Founded in 1979, Ahluwalia Contracts is a civil contractor engaged in the construction of industrial, institutional and other commercial complexes. It is also into the construction of residential and group housing projects and real estate development services.
In 2010, Nalanda India Equity Fund Ltd had first acquired 1.4% stake for Rs 12.3 crore ($2.7 million).
Nalanda India Equity Fund Ltd is an arm of Nalanda Capital India Advisors Pvt Ltd, a Singapore-based investment firm floated by former Warburg Pincus executive Pulak Prasad.
Nalanda India Equity Fund Ltd and Nalanda India Fund own a total of 9.91% stake in Ahluwalia Contracts.