The National Company Law Appellate Tribunal (NCLAT) has upheld the order approving the proposal submitted by Adani Goodhomes for debt resolution of realty firm Radius Estate. Adani Goodhomes has proposed a haircut of 93 percent of the outstanding loan for the lenders in this resolution plan.
A bench led by NCLAT chairman rejected the petitions of two lenders disagreeing with the resolution plan. The bench said that the Committee of Creditors (CoC) had approved the proposal on the basis of commercial understanding. He said that there is no intention to interfere with the NCLT order approving the proposal.
Approval was given in 2022
Let us inform that on January 9, 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the resolution plan presented by Adani Goodhomes, a unit of Adani Realty. The resolution plan had received 83.99 per cent votes in the committee of creditors and was approved by the NCLT. Under this, about 700 tenants who had booked flats in Radius’ residential project were getting possession without any increase in the price. However, two financial lenders – Beacon Trusteeship and ICICI Prudential Venture Capital Fund Real Estate had opposed the plan.
This was the proposal of Adani Goodhomes
According to media reports, Adani Goodhomes had proposed to pay only Rs 76 crore against the outstanding claim of Rs 1700 crore. But he had talked about completing the stuck project. NCLT had given approval to initiate corporate insolvency resolution process against Radius Estate on April 30, 2021.
Let us tell you that Sanjay Chhabria-owned Radius Estates and Developers Private Limited had partnered with MIG (Bandra) Realtors and Builders Private Limited to redevelop the land in Bandra (East), Mumbai to build apartments under Ten BKC. . It is a part of the DB Realty Group of Companies. However, the project was later stopped.
