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

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

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.

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.

Next Story
Infrastructure Urban

India Spent Rs 1.5 Tn on Smart Cities in Past 10 Years

The Indian government launched the Smart Cities Mission on June 15, 2015, with the goal of transforming urban infrastructure across the country. As of April 11, 2025, ten years since its inception, over Rs 1.5 trillion has been spent on 7,504 completed projects, representing 94 per cent of the total planned projects valued at more than Rs 1.64 trillion. An additional Rs 131.42 billion worth of projects are currently under implementation. According to data from SBI Research, 92 per cent of the funds were utilised across 21 major states, with Uttar Pradesh, Tamil Nadu, and Maharashtra together ..

Next Story
Infrastructure Energy

Hyundai’s EcoGram Converts Gurugram’s Waste to Clean Energy

Hyundai’s EcoGram, a biogas plant and material recovery facility located in Gurugram, Haryana, has been established to support circular economy initiatives. The facility collects both wet and dry waste from 20 bulk waste generators, including residential welfare associations (RWAs), corporate offices, and commercial complexes, with assistance from the Municipal Corporation of Gurugram (MCG). At the facility, the collected waste undergoes processing—wet waste is converted into biogas, which is then used to generate electricity, while dry waste is sorted for recycling. Since its inception,..

Next Story
Infrastructure Transport

Metro Line 8 DPR Nears Completion; CIDCO to Float Rs 200 Bn Tenders

The City and Industrial Development Corporation (CIDCO) is nearing completion of the Detailed Project Report (DPR) for Metro Line 8, commonly known as the Gold Line. This strategic 34.9-kilometre corridor is set to link Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) with the upcoming Navi Mumbai International Airport (NMIA). Estimated to cost around Rs 200 billion, the project is being developed under the Public-Private Partnership (PPP) model. Once completed, Metro Line 8 will become Mumbai's second such corridor after Metro Line 1. CIDCO plans to float tenders once ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?