NCLT Mumbai Bench allows first motion for demerger of Arena Orchards and Ambrosia Enviro Farms into Azure Tree Lands to consolidate 'Kalpataru Aria' project.
All equity shareholders and secured creditors consented, and unsecured creditors' consent exceeded 90% by value, leading to dispensation of meetings.
The appointed date is 01.04.2025, and companies must serve notices to regulatory authorities including ROC, Income Tax, and RERA.