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

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..