Adani Goodhomes' Resolution Plan for Radius Estates Upheld by NCLAT
The National Company Law Appellate Tribunal (NCLAT) has upheld the resolution plan proposed by Adani Goodhomes to take over bankrupt real estate company
Real EstateNclatAdani GroupRadius EstatesInsolvency And Bankruptcy CodeReal Estate MumbaiMay 29, 2024
The resolution plan was proposed by Adani Goodhomes as part of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code. The plan aims to revive Radius Estates, which had been facing financial difficulties and was subsequently declared bankrupt.
Adani Goodhomes, a subsidiary of the Adani Group, had submitted its resolution plan to the National Company Law Tribunal (NCLT) Mumbai, which approved it in an earlier order. However, some creditors, including ICICI Prudential Venture Capital Fund, had raised objections to the plan, which were subsequently rejected by the NCLAT.
The NCLAT's decision is seen as a boost to the real estate sector, which has been facing challenges in recent times. The resolution plan is expected to help Radius Estates recover from its financial difficulties and get back on its feet.
Radius Estates is a real estate company that had been facing financial difficulties due to various reasons, including a decline in the real estate market and High levels of debt. The company was subsequently declared bankrupt and was undergoing the corporate insolvency resolution process.
Adani Group is a multinational conglomerate with interests in various sectors, including real estate, energy, and infrastructure. Adani Goodhomes is a subsidiary of the Adani Group and is involved in the development of residential and commercial properties. The National Company Law Appellate Tribunal (NCLAT) is a statutory tribunal that hears appeals against the orders of the National Company Law Tribunal (NCLT).
Frequently Asked Questions
What is the National Company Law Appellate Tribunal (NCLAT)? A: The National Company Law Appellate Tribunal (NCLAT) is a statutory tribunal that hears appeals against the orders of the National Company Law Tribunal (NCLT) Q: What is the Insolvency and Bankruptcy Code? A: The Insolvency and Bankruptcy Code is a law that provides for the resolution of insolvency and bankruptcy cases in India Q: Who is Adani Goodhomes? A: Adani Goodhomes is a subsidiary of the Adani Group and is involved in the development of residential and commercial properties Q: What is Radius Estates? A: Radius Estates is a real estate company that had been facing financial difficulties and was subsequently declared bankrupt Q: What is the corporate insolvency resolution process? A: The corporate insolvency resolution process is a process under the Insolvency and Bankruptcy Code that provides for the resolution of insolvency cases in India
Answer not available
Related News Articles
Amaravati Revival: N Chandrababu Naidu's Return Brings New Hope to Andhra Pradesh's Capital
Read More on Amaravati, N Chandrababu Naidu, land parcels, real estate, TDP, Andhra Pradesh, investment
The Rise of Office Peacocking: How Companies Are Revolutionizing Workspaces
The office peacocking phenomenon is driven by management as a strategy to reconnect with employees and make culture count.
Godrej Properties Expands Presence in Gurugram with Two New Land Acquisitions
Godrej Properties has purchased two group housing land parcels in Gurugram through an e-auction for a combined Rs 515 crore, with an estimated revenue potential of over Rs 3,400 crore.
MahaREAT Orders Builder to Refund ₹4.5 Lakh to Homebuyer, Sets Aside MahaRERA's Dismissal of Complaint
Maharashtra Real Estate Appellate Tribunal (MahaREAT) has set aside the dismissal of a homebuyer's complaint by MahaRERA and directed the builder to refund ₹4.5 lakh received for the issuance of No Objection Certificate (NOC) for transfer of the flat to a
Mumbai's Political and Real Estate Turmoil: The Murder of Baba Siddique
The murder of former Maharashtra minister Baba Siddique in Mumbai has sparked various theories, ranging from his close ties to Bollywood superstar Salman Khan to a real estate feud. The case has brought back memories of the violent 1990s in the city.
Andheri: The Commercial Real Estate Goldmine of Mumbai
In the bustling heart of Mumbai, Andheri stands out as a prime commercial real estate hub. With a blend of modern developments and strategic connectivity, it has become a sought-after location for businesses and investors alike.