In the maze of Mumbai’s redevelopment corridors, few land clusters hold as much promise — and intrigue — as Juhu Gully. Once mired in stalled construction, litigation and mounting debt, this pocket of real estate — located between Juhu and Andheri — has now found a new owner. And not through an auction floor or private sale, but via a courtroom in Bandra-Kurla Complex.
On June 27, 2025, the National Company Law Tribunal (NCLT), Mumbai Bench, quietly handed over control of the Darshan Developers Group and its network of 11 real-estate companies to a little-known entity: Shiv Infra Vision Properties Pvt. Ltd. The order (IA No. 35 of 2025) then made a revelation that changed the story from a routine insolvency to a corporate coup — Shiv Infra, the order records, is a wholly owned subsidiary of Aspect Infrastructure and Construction Pvt. Ltd., which in turn is a subsidiary of Aspect Global Ventures Pvt. Ltd. (NCLT Order, p. 6–7).
“The Resolution Applicant has recently undergone internal restructuring and is a wholly owned subsidiary of Aspect Infrastructure and Construction Private Limited… which is further a subsidiary of Aspect Global Ventures Private Limited (Group Company). Thus, the Resolution Applicant forms part of the Group Company.” (NCLT Order, p. 6–7)
In other words, the Aspect Group — a diversified Mumbai-based conglomerate with interests in real estate, infrastructure, hospitality and global ventures — had just landed one of Mumbai’s most expensive redevelopment prizes through the insolvency process.
Mohit Kamboj: From Bullion to Buildings
Publicly available records show that Mohit Kamboj, long known in bullion and political circles, became Group CEO of Aspect Global Ventures in 2025. If that executive position aligns with the entity now controlling Shiv Infra Vision, the narrative is cinematic: a bullion entrepreneur turning a distressed-asset rescue into a real-estate jackpot.
The NCLT’s final lines close the ledger: “IA-35/2025 is allowed. The Resolution Plan annexed to the Application is hereby approved.” (p. 19)
And with that, Juhu Gully — long a symbol of Mumbai’s stalled redevelopment dreams — passes to a new player whose background lies in the trading floors of Zaveri Bazaar rather than the towers of BKC.
Aksha Mohit Kamboj is the Executive Chairperson of Aspect Global Ventures Pvt Ltd and is also the co-owner of Cricket ISPL team Tiigers of Kolkata. In June 2024, she became the first women chief of The India Bullion Jewellers Association (IBJA).
Aspect Group has expanded beyond India, establishing operations in the USA, UK, Singapore, and Dubai. Aspect Bullion has become a leader in the bullion market, while Aspect Hospitality owns and operates well-known Mumbai restaurants like Brunch & Cake, OPA Kipos, Nom Nom, Estella and many more.
The ₹155-Cr. Deal to Rs 1,000 Cr. Play Ground
At the heart of the Tribunal’s order lies a transaction worth ₹155.02 crore, as sanctioned under the approved Resolution Plan. The plan consolidates the insolvency proceedings of Darshan Developers Pvt. Ltd. and 10 other associated entities — each owning or controlling parcels of land across Mumbai’s western suburbs.
“Grand Total … ₹155,02,00,000 plus recovery, if any, from the CoC’s Assets, including recoveries under Section 66 Applications.” (p. 9)
In return, Shiv Infra Vision Properties — the Aspect Group’s vehicle — gets control of the Juhu Gully Slum Rehabilitation Authority (SRA) project, a site located just off Juhu Tara Road. The plan’s composition also includes a 40,000 sq.ft. carpet area allocation at Juhu Gully for the secured lender Piramal Capital & Housing Finance Ltd (PCHFL), along with ₹55 crore in cash consideration (p. 10).
“The Resolution Plan primarily proposes to allot an area of 40,000 sq. ft. of carpet area… on a portion of Juhu Gully area… together with proportionate car parking spaces… considered as ‘PCHFL Revenue’. Additionally, Shiv Infra proposes to pay ₹55 crore (‘PCHFL Monetary Consideration’).” (p. 10)
At prevailing market rates of ₹35,000–₹45,000 per sq.ft., the 40,000 sq.ft. allocation alone carries an implied market value of ₹140–₹180 crore — underscoring the scale of the acquisition jackpot.
[color=hsl(0, 0%, 0%)]The 11 Entities Under Aspect’s Control
[color=hsl(0, 0%, 0%)]The NCLT order confirms that under a consolidation order dated April 10, 2023 (IA 1181/2023), the insolvency of Darshan Developers was merged with ten allied real-estate companies, all of which have now fallen under the Aspect Group’s umbrella (pp. 2–3).
[color=hsl(0, 0%, 0%)]The list of corporate debtors includes:
- [color=hsl(0, 0%, 0%)]Darshan Developers Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Immediate Real Estate Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Manpreet Developers Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Wamika Real Estate Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Prithvi Residency Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Tenacity Real Estate Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Ghardwar Real Estate Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Fulgent Real Estate Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Suvarat Real Estate Developers Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Azinova Constructions Pvt. Ltd.
- [color=hsl(0, 0%, 0%)]Vyomakara Real Estate Pvt. Ltd.
[color=hsl(0, 0%, 0%)]Each of these entities held parcels in Andheri, Vile Parle, Goregaon and Juhu, now collectively consolidated into a single revival vehicle controlled by Aspect. The valuation annexures cited in the order peg the combined fair value of these assets at roughly ₹750–₹1,000 crore (p. 16) — meaning the Aspect Group’s ₹155-crore acquisition could translate into control of land worth four to six times that figure once projects are monetised.
[color=hsl(0, 0%, 0%)]The Numbers Behind the Takeover
[color=hsl(0, 0%, 0%)]The NCLT order records the Aspect Group’s financial strength as the foundation of the plan: “Net worth certificates of the Group Company as on 31.03.2024 stands at ₹95,10,94,183/-; the average cash/bank balance during the past one year amounts to ₹50 crore.” (pp. 13–14)
[color=hsl(0, 0%, 0%)]These financial disclosures, verified by certificates annexed to the plan, helped the Committee of Creditors (CoC) approve the Aspect-backed proposal with a 100% vote (p. 18). “The Resolution Plan received 100% voting in favour by the members of the CoC.” (p. 18)
[color=hsl(0, 0%, 0%)]From Debt Trap to Development Playground
[color=hsl(0, 0%, 0%)]The Tribunal’s order describes the new promoter’s mandate clearly: “The Resolution Applicant shall undertake the development of the slum rehabilitation scheme from its own funds and from the revenues to be generated from the project.” (p. 13)
[color=hsl(0, 0%, 0%)]That statement effectively hands the Aspect Group a clean slate — free of legacy liabilities — and full rights to complete and monetise the stalled Juhu and Andheri clusters.
[color=hsl(0, 0%, 0%)]The order further states:
[color=hsl(0, 0%, 0%)]“All such claims which are not a part of the plan shall stand extinguished… No person shall be entitled to initiate or continue any proceedings in respect to a claim which is not a part of the plan.” (p. 19). For Aspect Developers, that means unencumbered access to some of Mumbai’s most premium land parcels, without the baggage of prior claims or litigation.
[color=hsl(0, 0%, 0%)]The Trophy Asset: Juhu Gully
[color=hsl(0, 0%, 0%)]Within the combined portfolio, Juhu Gully is the undisputed crown jewel. Spanning multiple slum plots and adjoining premium land parcels, the area sits minutes from JVPD Scheme and Juhu Beach, where saleable residential rates hover between ₹40,000–₹60,000 per sq.ft. for finished apartments.
[color=hsl(0, 0%, 0%)]The order’s reference to “advance rent payment to slum dwellers at Juhu Gully” (p. 5) confirms that the project already carries existing rehabilitation commitments — giving Aspect Group an immediate foothold in one of the city’s hardest-to-enter redevelopment belts.
[color=hsl(0, 0%, 0%)]When fully redeveloped, the Juhu Gully cluster could yield over 5–6 lakh sq.ft. of saleable floor area, implying a potential top-line revenue upwards of ₹2,500 crore based on current market prices.
[color=hsl(0, 0%, 0%)]A Corporate Masterstroke
[color=hsl(0, 0%, 0%)]In just one court-approved move, Aspect Group’s Shiv Infra Vision has transformed a distressed set of companies into a future skyline project. From the numbers on record, the strategy appears clear: consolidate fragmented parcels, clear old debt under the Insolvency and Bankruptcy Code, and redevelop from scratch under a clean balance sheet.
[color=hsl(0, 0%, 0%)]The NCLT’s final order seals it:
[color=hsl(0, 0%, 0%)]“IA-35/2025 is allowed. The Resolution Plan annexed to the Application is hereby approved.” (p. 19)
[color=hsl(0, 0%, 0%)]And with that approval, a relatively modest ₹95-crore group now sits atop one of Mumbai’s most valuable redevelopment clusters — a billion-rupee transformation born in insolvency court.
[color=hsl(0, 0%, 0%)]Key Facts from the NCLT Order (IA No. 35/2025, pronounced June 27, 2025):
ParameterDetails (as per NCLT Order)PageResolution ApplicantShiv Infra Vision Properties Pvt. Ltd.p. 1–2ParentageAspect Infrastructure & Construction Pvt. Ltd. → Aspect Global Ventures Pvt. Ltd.p. 6–7Consolidated Debtors11 entities (Darshan Developers + 10 others)p. 2–3Plan Value₹155.02 crore + recoveriesp. 9PCHFL Consideration₹55 crore cash + 40,000 sq.ft. Juhu Gullyp. 10Aspect Group Net Worth₹95.10 crore (as of March 31, 2024)p. 13Average Cash Reserves₹50 crorep. 13CoC Vote100% in favourp. 18ApprovalPlan approved, binding under Section 31p. 19
<hr>Bottom Line
From a developer barely visible on Mumbai’s radar, Aspect Group has emerged as the quiet victor of one of the city’s most strategic land turnarounds.
Through the structured maze of insolvency proceedings, the Group has not only taken control of 11 companies and their prime assets but also secured one of the most enviable pieces of land in suburban Mumbai — Juhu Gully.
A ₹155-crore bet on distressed real estate may soon redefine the skyline of Juhu — and mark the Aspect Group’s biggest real-estate coup yet. |
