The Esplanade Metropolitan Magistrate Court in Mumbai has taken significant action to recover a loan of ₹1,179.41 crore owed by Nirmal Lifestyle Developers and Nirmal Lifestyle Malls. The court appointed advocate Pratik Surti as the court commissioner to take possession of approximately 193,000 sq.m of land owned by the developers. This decision follows a plea from Phoenix ARC, an asset reconstruction company that specializes in acquiring non-performing assets. The loan, originally issued by L&T Finance, was classified as a non-performing asset in December 2022 after multiple recovery attempts failed. The court has mandated that Surti provide a 15-day advance notice to all parties before taking possession, and he is authorized to use reasonable force if necessary. The properties involved include land earmarked for development and a partially constructed mall, among others. Surti is expected to complete the process and submit a compliance report within 90 days.