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
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