NCLT approves Adani Group's acquisition of Radius Estates

16 Sep 2024 CW Team

The National Company Law Tribunal (NCLT) has approved the acquisition of Radius Estates and Developers by Bridgeport Realtors, a subsidiary of Adani Group's Adani Goodhomes, through a scheme of amalgamation. This move is a critical part of the resolution plan for Radius Estates, which has been undergoing the corporate insolvency resolution process (CIRP) since April 2021.

The scheme, now sanctioned by the NCLT, facilitates the merger of Radius Estates into Bridgeport Realtors. This plan was initially approved by the NCLT in January 2023 as part of a broader strategy to revive and consolidate Radius Estates' operations. In May 2024, the National Company Law Appellate Tribunal (NCLAT) also validated this resolution plan proposed by Adani Goodhomes.

The NCLT Mumbai bench emphasised the strategic intent behind the merger, which aims to revitalise a significant real estate project and maximise the asset value of Radius Estates. The amalgamation is expected to simplify the corporate structure, allowing for more effective management of real estate development. Key benefits highlighted include enhanced financial strength, improved cash management, and better service quality through operational synergies.

As part of the approval process, the tribunal waived the need for separate meetings of equity shareholders for Radius Estates, as their consent was implied through the scheme's inclusion in the approved plan. Bridgeport Realtors' majority shareholder, Adani Goodhomes, had already provided its formal consent, negating the need for a separate meeting. For creditors, Radius Estates' creditors had previously agreed to the scheme as part of the committee of creditors' approval. Since Bridgeport Realtors has no creditors, no further consent was required, according to the NCLT order issued on September 5.

(ET)

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