In the recent year one of the business undergoing stress has been the real estate sector. A sudden surge in the supply of apartments have left many unsold or lying vacant after purchase. Apart from dealing with large blocks of unsold apartments, Builders have also come under severe strain with rise in material costs further escalating their financial situation leading to many crises. This had led to several of them facing legal cases involving insolvency proceedings.

Challenge

DKRL, a real estate Company faced similar situation with insolvency case proceedings raised against them. In such cases, the Company is managed by Insolvency professionals, who are required them to manage various aspects of the insolvency case and take decisions on behalf of committee of creditors. The complexity of case is increased with there being multiple Class of creditors, and some of them requiring participating through Authorized Representatives. This makes the process very tedious, complex and cumbersome.

The Process

Our Approach

We at first identified the entire process and the role played by each Stakeholder at every stage. Decision making could be done by conducting evoting at different stages. TRUSTeVote.com is an online voting platform that provides the Organizer an easy, fast and cost effective manner to conduct a Poll while ensuring high participation from members in a secure environment.

Our Solution

A total of 3 Polls were created, all having the same voting resolutions. The first two were conducted earlier, one conducted by the Authorised Representative of the Home buyers and one conducted by the Authorized Representative of the Operational Creditors. The third Poll was the final Poll where along with the Financial Creditors, the Authorised  Representatives of the Home-buyers as well as the Operation Creditors cast their vote (based on results of the earlier Polls conducted by them).

The Results

In a matter of hours DKRL were able to create multiple polls using TRUSTeVote platform. The managed services provided by the platform made the entire process of Poll creation and management easy for the DKRL team. All class of creditors were able to cast their vote in a timely and easy manner, ensuing a high vote turnout. The Audit Trail and Communications Track features of the platform enabled DKRL’s team better control of the Poll. TRUSTeVote platform enabled the Insolvency Professional conduct the Polls online and resulting in substantial cost savings, higher voter turnout and ease of managing the entire process while ensuring high levels of security.

Reach Out

In order to avail services of TRUSTeVote platform to conduct polls, elections or surveys please reach out to the TRUSTeVote team.

Point of Contact: Suhan
Phone: +91-8904179220
Email: sales@enkindletech.com