Shree Naman Approved for Radius Infra Takeover

10 May 2024 CW Team

Shree Naman Group has received approval from the National Company Law Tribunal (NCLT) to acquire Radius Infratel Limited, a subsidiary of bankrupt real estate developer Radius Developers. The acquisition will enable Shree Naman to take over Radius Infratel's ongoing projects and assets, marking a significant development in the real estate sector.

The decision by NCLT comes as part of the resolution process under the Insolvency and Bankruptcy Code (IBC). Shree Naman Group, known for its expertise in real estate development, aims to leverage this acquisition to expand its presence in the market. The acquisition will also provide relief to stakeholders and homebuyers associated with Radius Infratel, offering a path towards project completion and resolution of pending issues.

Shree Naman's commitment to quality and timely delivery is expected to positively impact the projects under Radius Infratel, instilling confidence among buyers and investors. This approval by NCLT signifies a step forward in the resolution process for Radius Infratel and underscores the effectiveness of the IBC framework in addressing distressed assets in the real estate sector.

Shree Naman's takeover of Radius Infratel is poised to bring stability and momentum to the projects under its umbrella, contributing to the revitalization of the real estate market. As the acquisition progresses, stakeholders can look forward to a renewed sense of progress and direction in the development landscape.

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