More trouble is in store for investors of Nirmal Lifestyle’s 30 projects in Thane district, as they face insolvency after the firm failed to repay debts. The revelation was made by MahaRERA last week, around the same time the real estate firm’s promoters were arrested in a case linked to different projects.

The Economic Offences Wing (EOW) of the Mumbai police arrested  Dharmesh Jain and Rajeev Jain, the promoters of Nirmal Lifestyle, for allegedly failing to hand over flats to around 34 home buyers in four projects in Mulund.