SC refuses stay on Adani Goodhomes plan for Radius Estates & Developers
Real Estate

SC refuses stay on Adani Goodhomes plan for Radius Estates & Developers

The Supreme Court 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.

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 Trusteeship, opposed Adani Goodhomes' bid and sought fresh initiation of the CIRP. They alleged that Jayesh Sanghrajka, the resolution professional of Radius Estates, had colluded with the largest creditor HDFC Bank to influence the bankruptcy process in favour of Adani Goodhomes, which resulted in the debt-ridden company receiving only a sole bid.

The dissenting financial creditors also alleged that the liquidation value of the assets of Radius Estate was grossly undervalued and the valuation report suffers from material irregularities.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The Supreme Court 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. 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 Trusteeship, opposed Adani Goodhomes' bid and sought fresh initiation of the CIRP. They alleged that Jayesh Sanghrajka, the resolution professional of Radius Estates, had colluded with the largest creditor HDFC Bank to influence the bankruptcy process in favour of Adani Goodhomes, which resulted in the debt-ridden company receiving only a sole bid. The dissenting financial creditors also alleged that the liquidation value of the assets of Radius Estate was grossly undervalued and the valuation report suffers from material irregularities.

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

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