Adani Goodhomes' Resolution Plan for Radius Estates Gets NCLAT Nod
NCLAT upholds Adani Goodhomes' resolution plan for bankrupt real estate company Radius Estates
Real EstateAdani GroupNclatRadius EstatesCorporate Insolvency Resolution ProcessReal Estate NewsMay 29, 2024
The plan, which was approved by the National Company Law Tribunal (NCLT) Mumbai, paves the way for Adani Goodhomes to acquire Radius Estates, a bankrupt real estate company. The corporate insolvency resolution process (CIRP) for Radius Estates was initiated under the Insolvency and Bankruptcy Code (IBC).
The NCLAT's decision is a significant win for Adani Goodhomes, a subsidiary of the Adani Group, which is a leading business conglomerate in India. The Adani Group has interests in various sectors, including real estate, energy, and infrastructure.
The National Company Law Appellate Tribunal (NCLAT) is an appellate tribunal that hears appeals against orders passed by the National Company Law Tribunal (NCLT) under the Companies Act, 2013. The NCLT, on the other hand, is a quasi-judicial body that adjudicates disputes related to companies.
Adani Group is a leading business conglomerate in India with interests in various sectors, including real estate, energy, and infrastructure. Adani Goodhomes is a subsidiary of the Adani Group, which is a prominent player in the real estate sector. Radius Estates is a bankrupt real estate company that was undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC). ICICI Prudential Venture Capital Fund is a leading venture capital fund in India that invests in various sectors, including real estate.
Frequently Asked Questions
What is the National Company Law Appellate Tribunal (NCLAT)? A: The NCLAT is an appellate tribunal that hears appeals against orders passed by the National Company Law Tribunal (NCLT) under the Companies Act 2013 Q: What is the corporate insolvency resolution process (CIRP)? A: The CIRP is a process under the Insolvency and Bankruptcy Code (IBC) that aims to resolve the debt of a bankrupt company Q: Who is the Adani Group? A: The Adani Group is a leading business conglomerate in India with interests in various sectors including real estate energy and infrastructure Q: What is Radius Estates? A: Radius Estates is a bankrupt real estate company that was undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) Q: What is the significance of the NCLAT's decision? A: The NCLAT's decision is significant as it paves the way for Adani Goodhomes to acquire Radius Estates a bankrupt real estate company
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