Around 80% of creditors approve Adani's bid for Radius Estates

29 Dec 2021 CW Team

Adani Group's bid for Radius Estates has been approved by 80% of creditors, surpassing the two-thirds majority required under the Insolvency and Bankruptcy Code (IBC) guidelines for approval of a bid.

The bid by Adani Group has become controversial after the debenture holders of Radius Estates, ICICI Prudential Venture Capital Fund Real Estate Scheme 1, and Beacon Trusteeship, approached by the National Company Law Tribunal (NCLT).

NCLT has directed the lenders to continue voting on Adani's bid and even extended the voting timeline.

The creditors of the real estate firm, Radium Estates, include banks and financial institutions, while homebuyers Rs 3,000 crore in unpaid dues.

According to the sources, the creditors are in favour of Adani's bid as looking at the voting results. They have also approved a resolution plan to provide interim finance of Rs 500 crore to complete the statutory dues to the government and resume the construction process.

Adani's bid requires financial creditors, including Housing Development Finance Corporation (HDFC), Yes Bank, Dewan Housing Finance Corporation Limited (DHFL) and the debenture holders to write off 90% dues of about Rs 1,700 crore. HDFC has a loan amount of Rs 1,000 crore to Adani.

The company has offered a luxury residential apartment, Ten BKC, at no extra cost to the homebuyers. Ten BKC has more than 400 residential units under construction.

ICICI Prudential Venture Capital Fund has 1,810 investors, and Beacon Trusteeship has 330 investors, while their total outstanding dues are nearly Rs 200 crore.

The debenture holders might approach National Company Law Appellate Tribunal (NCLAT) to oppose the voting results on the basis that the homebuyers who have purchased houses of Rs 5 crore or above should shoulder more of the financial burden.

Image Source

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..