SC refuses stay on Adani Goodhomes plan for Radius Estates & Developers

11 Sep 2024 CW Team

Challenging the NCLAT’s order that upheld the Adani Goodhomes’ resolution plan, Beacon told the SC that the NCLT had failed to consider that the resolution plan given by the subsidiary of Adani Infrastructure and Developers was unfair and inequitable as it provided a 93% haircut to the claims for the secured financial creditors. It further said that Adani provided 100% recovery to homebuyers by way of allotted units in the project without them having to bear any haircut or price escalation.

In April 2021, the Mumbai bench of the National Company Law Tribunal had admitted Beacon's petition to initiate insolvency proceedings against Radius Estates. The committee of creditors of the debt-ridden company included homebuyers, HDFC Bank Ltd, Piramal Capital and Housing Finance Ltd, Beacon Trusteeship, and ICICI Prudential. In January 2023, the tribunal approved Adani Goodhomes' resolution plan for the developer.

Alleging foul play, ICICI Prudential and Beacon Trusteeship, opposed Adani Goodhomes' bid and sought fresh initiation of the CIRP. They alleged that Jayesh Sanghrajka, the resolution professional of Radius Estates, had colluded with the largest creditor HDFC Bank to influence the bankruptcy process in favour of Adani Goodhomes, which resulted in the debt-ridden company receiving only a sole bid.

The dissenting financial creditors also alleged that the liquidation value of the assets of Radius Estate was grossly undervalued and the valuation report suffers from material irregularities.

The Supreme Court refused to stay the implementation of Adani Goodhomes Pvt Ltd's resolution plan for debt-ridden Radius Estates & Developers Pvt Ltd, even as it sought response from the resolution professional and others on an appeal by Beacon Trusteeship Ltd, a dissenting financial creditor. Beacon claimed that it didn’t get a fair deal as the plan gave a 93% haircut to its claims. Challenging the NCLAT’s order that upheld the Adani Goodhomes’ resolution plan, Beacon told the SC that the NCLT had failed to consider that the resolution plan given by the subsidiary of Adani Infrastructure and Developers was unfair and inequitable as it provided a 93% haircut to the claims for the secured financial creditors. It further said that Adani provided 100% recovery to homebuyers by way of allotted units in the project without them having to bear any haircut or price escalation. In April 2021, the Mumbai bench of the National Company Law Tribunal had admitted Beacon's petition to initiate insolvency proceedings against Radius Estates. The committee of creditors of the debt-ridden company included homebuyers, HDFC Bank Ltd, Piramal Capital and Housing Finance Ltd, Beacon Trusteeship, and ICICI Prudential. In January 2023, the tribunal approved Adani Goodhomes' resolution plan for the developer. Alleging foul play, ICICI Prudential and Beacon Trusteeship, opposed Adani Goodhomes' bid and sought fresh initiation of the CIRP. They alleged that Jayesh Sanghrajka, the resolution professional of Radius Estates, had colluded with the largest creditor HDFC Bank to influence the bankruptcy process in favour of Adani Goodhomes, which resulted in the debt-ridden company receiving only a sole bid. The dissenting financial creditors also alleged that the liquidation value of the assets of Radius Estate was grossly undervalued and the valuation report suffers from material irregularities.

Infrastructure Urban

11 Aug 2025

Welspun One Expands Portfolio With Rs 7 Billion Pune Land Deal

Welspun One Logistics Parks has purchased 70 acres of land in Pune for Rs 7 billion to develop a warehousing and industrial project. The acquisition, located in a strategic logistics corridor, is expected to cater to rising demand from e-commerce, manufacturing, and third-party logistics sectors.The company said the project will feature modern warehousing infrastructure, sustainable building practices, and technology-driven operations to improve efficiency and reduce environmental impact. This investment aligns with Welspun One’s strategy to strengthen its pan-India footprint and expand its ..

Infrastructure Urban

11 Aug 2025

Rs 16.85 Billion Pune Logistics Hub Project Speeds Up

Work on the Rs 16.85 billion multi-modal logistics hub at Chakan, Pune, is progressing rapidly, with the project expected to transform freight movement in the region. The facility is being developed under the Centre’s flagship Bharatmala Pariyojana scheme to enhance India’s logistics efficiency.Spread over a vast area, the hub will integrate road, rail, and warehousing infrastructure to enable seamless goods transfer and reduce transportation costs. It is also expected to ease congestion on key freight corridors and improve supply chain reliability for industries in Pune and beyond.Officia..

Real Estate

11 Aug 2025

Macrotech Developers Q1 Sales Jump 39 Per Cent To Rs 53.6 Billion

Macrotech Developers Ltd, which operates under the Lodha brand, has reported a 39 per cent year-on-year rise in sales bookings to Rs 53.6 billion for the quarter ended June 2025, compared with Rs 38.6 billion a year earlier.The company attributed the growth to strong housing demand across key markets, with mid-income and luxury segments performing particularly well. Macrotech plans to launch projects covering 5.8 million square feet in the coming quarters to capitalise on this momentum.During the quarter, collections stood at Rs 32.8 billion, while project completions and timely deliveries hel..

SC refuses stay on Adani Goodhomes plan for Radius Estates & Developers

Welspun One Expands Portfolio With Rs 7 Billion Pune Land Deal

Rs 16.85 Billion Pune Logistics Hub Project Speeds Up

Macrotech Developers Q1 Sales Jump 39 Per Cent To Rs 53.6 Billion

Latest Updates

Recommended for you

Advertisement

Subscribe to Our Newsletter

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

15th RAHSTA EXPO 2025

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address