Around 80% of creditors approve Adani's bid for Radius Estates
Real Estate

Around 80% of creditors approve Adani's bid for Radius Estates

Adani Group's bid for Radius Estates has been approved by 80% of creditors, surpassing the two-thirds majority required under the Insolvency and Bankruptcy Code (IBC) guidelines for approval of a bid.

The bid by Adani Group has become controversial after the debenture holders of Radius Estates, ICICI Prudential Venture Capital Fund Real Estate Scheme 1, and Beacon Trusteeship, approached by the National Company Law Tribunal (NCLT).

NCLT has directed the lenders to continue voting on Adani's bid and even extended the voting timeline.

The creditors of the real estate firm, Radium Estates, include banks and financial institutions, while homebuyers Rs 3,000 crore in unpaid dues.

According to the sources, the creditors are in favour of Adani's bid as looking at the voting results. They have also approved a resolution plan to provide interim finance of Rs 500 crore to complete the statutory dues to the government and resume the construction process.

Adani's bid requires financial creditors, including Housing Development Finance Corporation (HDFC), Yes Bank, Dewan Housing Finance Corporation Limited (DHFL) and the debenture holders to write off 90% dues of about Rs 1,700 crore. HDFC has a loan amount of Rs 1,000 crore to Adani.

The company has offered a luxury residential apartment, Ten BKC, at no extra cost to the homebuyers. Ten BKC has more than 400 residential units under construction.

ICICI Prudential Venture Capital Fund has 1,810 investors, and Beacon Trusteeship has 330 investors, while their total outstanding dues are nearly Rs 200 crore.

The debenture holders might approach National Company Law Appellate Tribunal (NCLAT) to oppose the voting results on the basis that the homebuyers who have purchased houses of Rs 5 crore or above should shoulder more of the financial burden.

Image Source

Adani Group's bid for Radius Estates has been approved by 80% of creditors, surpassing the two-thirds majority required under the Insolvency and Bankruptcy Code (IBC) guidelines for approval of a bid. The bid by Adani Group has become controversial after the debenture holders of Radius Estates, ICICI Prudential Venture Capital Fund Real Estate Scheme 1, and Beacon Trusteeship, approached by the National Company Law Tribunal (NCLT). NCLT has directed the lenders to continue voting on Adani's bid and even extended the voting timeline. The creditors of the real estate firm, Radium Estates, include banks and financial institutions, while homebuyers Rs 3,000 crore in unpaid dues. According to the sources, the creditors are in favour of Adani's bid as looking at the voting results. They have also approved a resolution plan to provide interim finance of Rs 500 crore to complete the statutory dues to the government and resume the construction process. Adani's bid requires financial creditors, including Housing Development Finance Corporation (HDFC), Yes Bank, Dewan Housing Finance Corporation Limited (DHFL) and the debenture holders to write off 90% dues of about Rs 1,700 crore. HDFC has a loan amount of Rs 1,000 crore to Adani. The company has offered a luxury residential apartment, Ten BKC, at no extra cost to the homebuyers. Ten BKC has more than 400 residential units under construction. ICICI Prudential Venture Capital Fund has 1,810 investors, and Beacon Trusteeship has 330 investors, while their total outstanding dues are nearly Rs 200 crore. The debenture holders might approach National Company Law Appellate Tribunal (NCLAT) to oppose the voting results on the basis that the homebuyers who have purchased houses of Rs 5 crore or above should shoulder more of the financial burden. Image Source

Next Story
Infrastructure Urban

Campal Stadium Project Delayed

The football stadium and parade ground project in Campal, Panaji, which was initiated under the smart city plan, has yet to be completed, even though it is over a year past its original deadline. The project started on March 21, 2022, and according to the initial work order, it was supposed to be finished by September 20, 2023. Imagine Panaji Smart City Development Ltd (IPSCDL) has reported that 98% of the work is complete, with the final 2% expected to be finished by March 2025. "A small area where the concrete batching plant is situated needs completion," they said. The project's total est..

Next Story
Infrastructure Urban

Cleanliness Control Centre to Monitor Work, Complaints 24X7

Jaipur's cleanliness management system is set to be more efficient with the Integrated Command and Control Centre now operating 24/7. On Friday, Arun Kumar Hasija, CEO of Jaipur Smart City Limited, issued orders to implement this change. Hasija explained that the centre will supervise door-to-door refuse collection, sanitation operations, and mechanized cleaning activities. Special attention is being given to night-time cleaning across the city, with advanced machinery being used to sanitize road dividers in areas like the Walled City. The centre will now operate round-the-clock to improve c..

Next Story
Infrastructure Urban

Rs 1 Bn Plan for Waste Disposal at Bandhwari Landfill

A Rs 1 billion plan for disposing of over 10 lakh tonnes of legacy waste at the Bandhwari Solid Waste Treatment Plant has been submitted to the Department of Urban Local Bodies (ULB) for approval. The proposal is expected to be approved in an upcoming purchase committee meeting led by Haryana Chief Minister Nayab Singh Saini, officials from the Municipal Corporation of Gurugram (MCG) said. This proposal follows the December 17 deadline set by the National Green Tribunal (NGT) for MCG to submit an update on waste disposal progress at Bandhwari. Earlier this year, MCG had assured the NGT in an a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000