SC declines stay on Adani Goodhomes resolution plan for Radius Estates

09 Sep 2024 CW Team

The Supreme Court declined to halt the implementation of Adani Goodhomes Pvt Ltd's resolution plan for the debt-laden Radius Estates & Developers Pvt Ltd, despite an appeal from dissenting financial creditor, Beacon Trusteeship Ltd. Beacon, which argued that the plan imposed a 93% haircut on its claims, will now await further hearings scheduled for January.

The Bench, led by Justice Sanjiv Khanna, stated it would review the issue regarding dues payable to Beacon Trusteeship. Beacon had previously contested the National Company Law Appellate Tribunal's (NCLAT) approval of Adani Goodhomes' plan, asserting that the Mumbai bench of the National Company Law Tribunal (NCLT) failed to address the plan's inequity toward secured financial creditors, while offering 100% recovery to homebuyers through allotted units.

Beacon's petition to initiate insolvency proceedings against Radius Estates was admitted in April 2021. The creditors' committee for Radius Estates included homebuyers, HDFC Bank Ltd, Piramal Capital, Beacon Trusteeship, and ICICI Prudential. Adani Goodhomes? resolution plan was approved in January 2023.

However, ICICI Prudential and Beacon Trusteeship opposed the plan, alleging that the resolution professional, Jayesh Sanghrajka, had colluded with HDFC Bank to favor Adani Goodhomes, resulting in a single bid. They also argued that Radius Estates' liquidation assets were undervalued, pointing to irregularities in the valuation report.

Adani Goodhomes had offered approximately Rs 760 million against creditors' claims of around Rs 17 billion. (ET)

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..