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With the NCLAT upholding the NCLT ruling, this has become the latest case where creditors have been forced to take substantial haircut in bankruptcy cases
The Insolvency Appellate Tribunal NCLAT upheld its Adani Goodhomes' resolution plan for Radius Estate. NCLAT rejected petitions from two dissenting financial creditors, and approved the plan to provide possession to nearly 700 flat owners without price escalation. The plan was opposed by Beacon Trusteeship and ICICI Prudential Venture Capital Fund Real Estate, who claimed it was unfair, but NCLAT affirmed the Commercial Creditors' Committee's decision.
The Mumbai bench of the National Company Law Tribunal (NCLT) on January 9, 2022, has approved the resolution plan of Adani Goodhomes, a part of Adani Realty
Adani Goodhomes: A two-member bench comprising the NCLAT Chairman rejected the petitions by two dissenting financial creditors, saying it was "commercial wisdom" of the Committee of Creditors (CoC), which approved the payout to different creditors.
Adani Group’s real estate business is fairly new—just 14 years old. But it is fast becoming a key mover and shaker in India’s booming real estate market. In fact, the company has the potential to become India’s largest developer. We tell you why.