National Company Law Tribunal ,NCLT) dismisses Mumbai realtor’s claims of malpractices in the resolution process Radius Estates for whom Adani Adani Good Homes, a group company, has emerged as the successful bidder, according to an order pronounced by the tribunal on December 2, which ET has seen.

headed by the debenture holders of the company ICICI Prudential And the Beacon Trusteeship had approached the NCLT with a plea to set aside Adani Good Homes’ offer for Radius Estates, claiming that the company had violated the bid conditions.

He claimed that the Adani Good Homes Samadhan Yojana for the Mumbai realtor had tried to extort Rs. A condition has been included in the Rs 800 crore bid for the company’s receivables that Adani will receive the amount once received by the company. The debenture holders claimed that the bid conditions stated that the realization of the proceeds would be for creditors.

ET had reported on August 24 that Adani had later agreed to change the condition of the bid and allow creditors to keep money from receivables. The NCLT said that since Adani had changed the condition, the debenture holders’ objection to its resolution plan was not valid.

The debenture holders also claimed that the principal creditors HDFC Collusion with the company’s resolution professional Jayesh Sanghrajka to effectuate the resolution process as it would benefit as it was wearing dual roles, that of a financial creditor as well as a home buyer holding inventory in the project by way of mortgage on flats Is. He had claimed that HDFC as a financial creditor did not care to take a haircut as the inventory held in the project would be completed and was valuable.

The NCLT dismissed those allegations as well, saying “suspicion, however strong, is no substitute for proof”.

Adani Good Homes Private Limited is the sole bidder for Radius Estates. Its resolution plan offers Rs. 76 crores to the financial creditors of the company, who have outstanding claims of around Rs. 1700 crores. This amounts to about a 96% haircut for financial creditors. However, it is constructing flats at no cost to the home owners and has enabled the company to resume construction of its residential projects.

ICICI Prudential VC Fund has Rs. 150 crores claim against the bankrupt realtor and is representing the interests of 1810 investors who had invested in his real estate investment scheme which had subscribed to the debentures of Radius Estates. HDFC Ltd has Rs. The company has an outstanding loan of 1000 crores.