D S Kulkarni Developers Ltd Management Discussions.

The Honble NCLT vide its order dated September 26, 2019 allowed initiation of CIRP of the Company and Mr. Manoj Kumar Agarwal, IP Registration No. IBBI/IPA-001/IP-P00714/2017-2018/11222 was appointed as the Interim Resolution Professional ("IRP") for the Company. The appointment of Mr. Manoj Kumar Agarwal was confirmed/approved as the Resolution Professional ("RP") of the Company by the Committee of Creditors ("CoC"). As per Section 17 of the Code, from the date of appointment of the IRP the management of affairs and powers of the board of directors of the Company were suspended and stood vested with IRP/RP of the Company.

Under Section 17 of the IBC 2016 the powers of the Board are suspended and the same are vested on the Resolution Professional, Mr. Manoj Kumar Agarwal. The Moratorium Period as stipulated under Section 14 of the IBC Code, 2016 is in force.

The RP invited Resolution plans for revival of the Company from the prospective Resolution Applicants. The Committee of Creditors approved the Resolution Plan submitted by Resolution Applicant - The CoC members have approved the Resolution Plan submitted by Ashdan Poperties Pvt. Ltd., Classic Promoters & Builders Pvt. Ltd. and Atul Builders- Consortium with requisite majority of the voting share as per the Insolvency and Bankruptcy Code (IBC), 2016. The Further action to be taken by the Company shall be informed to the Stock Exchange of the timely manner where the securities of the Company are listed.

Economic Overview:

The Indian Government is on the fast track of financial reforms. The Reserve Bank of India ("RBI") with its helping hand is supporting the Government to bring down inflation. It is perceived that the Government and RBI are working in tandem with each other to accelerate the tempo of development. Economic development benefits everyone.

The public and private sector projects which were stalled are now seeing the light at the end of a dark tunnel. Government is quickly moving towards the era of ‘Minimum government and maximum governance by digitisation, simplification of procedures, shortening various forms, leveraging technology, transparency in public interface, etc. The Government has also taken a number of initiatives for improving ‘Ease of Doing Business. The emphasis has been on simplification and rationalization of the existing rules and introduction of IT (information technology) solutions to make governance more proactive, efficient and effective

Real Estate Sector Overview and Outlook:

It may be noted that the Central Government passed the Real Estate Regulation and Development Act, 2016 which got notified on 26th March, 2016.

Tepid home sales, rising inventory levels and weak sentiment pulled down Indias property markets in 2015. The sector awaits the return of investors and customers, who seem to be waiting for prices to stabilize and developers to honour project delivery schedules before they take the plunge.

Many steps by the Government/regulators have been seen to stabilise real estate sector, be it in the form of formation of REITs and InvITs, regulatory changes, reduction in interest rates or easing FDI norms. Real estate has always been an attractive sector for private equity providers and NBFCs.

With the Governments efforts in pushing start-ups, new projects and overall economic growth, commercial real estate seems to be better placed than residential real estate.


With the Governments and RBIs steps for economic reforms, the industry is positive for revival of economic growth across all sectors. Be it regulation or execution, government is trying to be transparent and at the same time vigilant.

The Governments ‘Smart City Mission will help to revive real estate in the cities which have been recognised in Smart City project. Also under Sardar Patel Urban Housing Mission, 30 millions housing will be built in India by 2022 for economically weaker sections and low income group.

The concept of Smart Township is now shaping the concept in which company has been operating for a long time.

The start-ups boost and ease of doing business will lead to more entrepreneurs and new projects which may lead to development of new industrial corridors and as such development of residential avenues.

The relaxation of FDI norms for real estate will see boost in investment in real estate sector. This move should boost affordable housing projects and smart cities across the country.

Since the numbers of new launches have reduced, developers are concentrating on completing the existing projects. It is giving confidence to the buyers that the launched projects will be completed and as such it is expected to boost demand.

Further, as mentioned above as the Company is in Corporate Insolvency Resolution Process ("CIR Process") hence outlook, opportunity and threats, developments, risk and concerns and ratios has not been provided separately as required under Listing Regulations.

Financial Performance:

The financial performance of the Company for the year 2020-2021 is described in the Directors Report under the head Financial Result.


The recent passage of the IBC (Insolvency & Bankruptcy Code) has been a major change in the environment for the company. The Company is expecting positive outlook post approval of the resolutions plans approved by the Committee of Creditors.

Internal Control System:

Since the Company in under CIRP, the business operations of the Company are shut. The Company is optimistic about the resolution plans received by the Company and looking forward for positive results.

Cautionary Note:

The statements forming part of this Report may contain certain forward looking remarks within the meaning of applicable laws and regulations. The actual results, performances or achievements of the Company depend on many factors which may cause material deviation from any future results, performances or achievements.

Significant factors which could make a difference to the Companys operations include domestic and international economic conditions, changes in Government regulations, tax regime and other statutes.

The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements on the basis of any subsequent developments, information or events.