Supreme Court refuses stay on Adani Goodhomes' resolution plan for Radius Estates & Developers
Supreme Court on Friday refused to stay the implementation of Adani Goodhomes Pvt Ltd's resolution plan for debt-ridden Radius Estates & Developers Pvt Ltd, even as it sought response from the resolution professional and others on an appeal by Beacon Trusteeship Ltd, a dissenting financial creditor.
Beacon claimed that it didn’t get a fair deal as the plan gave a 93% haircut to its claims.
The Bench led by Justice Sanjiv Khanna said it will examine the question of dues payable to Beacon Trusteeship and posted the matter for further hearing in January.
Challenging the NCLAT’s order that upheld the Adani Goodhomes’ resolution plan, Beacon told the SC that the NCLT had failed to consider that the resolution plan given by the subsidiary of Adani Infrastructure and Developers was unfair and inequitable as it provided a 93% haircut to the claims for the secured financial creditors. It further said that Adani provided 100% recovery to homebuyers by way of allotted units in the project without them having to bear any haircut or price escalation.
In April 2021, the Mumbai bench of the National Company Law Tribunal had admitted Beacon's petition to initiate insolvency proceedings against Radius Estates. The committee of creditors of the debt-ridden company included homebuyers, HDFC Bank Ltd, Piramal Capital and Housing Finance Ltd, Beacon Trusteeship, and ICICI Prudential. In January 2023, the tribunal approved Adani Goodhomes' resolution plan for the developer.
Alleging foul play, ICICI Prudential and Beacon
