NEW DELHI:The National Company Law Appellate Tribunal (NCLAT) has upheld Adani Goodhomes' resolution plan to take over the bankrupt real estate company Radius Estates, rejecting challenges from creditors and debenture holders, including ICICI Prudential Venture Capital Fund and Beacon Trusteeship. Monday's decision affirms the earlier orders by the Mumbai bench of the National Company Law Tribunal (NCLT), which had approved the resolution plan and dismissed allegations of foul play and collusion.Creditors had claimed that the resolution professional (RP), Jayesh Sanghrajka, and HDFC Ltd, the largest creditor, colluded, leading to only one bid being received.
They demanded a restart of the insolvency process. However, in December 2022, the NCLT Mumbai approved Adani Goodhomes' bid, citing a lack of evidence for the allegations.Adani Goodhomes, a subsidiary of Adani Infrastructure and Developers Pvt.
Ltd and part of the Adani Group, has offered around ₹76 crore to Radius Estates' creditors, who have outstanding loans amounting to approximately ₹1,700 crore, resulting in a 96% haircut for the creditors. Additionally, Adani Goodhomes has promised to complete the residential project in Mumbai at no further cost to the homeowners.Adani Goodhomes' bid had received approval from over two-thirds of the company's creditors before being taken to the NCLT for final approval.
Indian insolvency laws mandate that two-thirds of creditors of a bankrupt company must approve a debt resolution process. Nearly all of the 700 homeowners, holding a third of the voting power in the committee of creditors, had supported the bid, along with financial creditors such as HDFC Ltd and Yes Bank.Homeowners had collectively advanced ₹800 crore to book
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