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NCLT extends lenders’ vote on Adani bid for Radius Estates, Real Estate News, Realty Beat

NCLT extends lenders' vote on Adani bid for Radius Estates, Real Estate News, ET RealEstate
MUMBAI: The National Company Law Tribunal (NCLT) Mumbai on Friday directed the resolution professional of Radius Estates and Developers to extend the period for creditors to voting on a bid by an Adani Group company to December 27 from December 25.

The NCLT order came after two lenders, ICICI Prudential and Beacon Trusteeship, represented by advocate Gaurav Joshi, filed urgent applications before the tribunal seeking a 10- day extension to vote on Adani’s bid and a stay on the ongoing voting process. While the NCLT directed Radius to call for a creditors’ meeting on Saturday, it did not stay the voting. Adani Goodhomes had recently submitted its bid for Radius, which is under insolvency resolution.

The voting by the committee of creditors on Adani’s bid commenced on December 23 and was scheduled to close on December 25. In Friday’s hearing, ICICI Prudential and Beacon submitted that Adani’s bid is sought to be approved in “haste” and that they have not been provided sufficient time to consider the bid.

The resolution professional of Radius, represented by advocate Nausher Kohli, said that ICICI Prudential and Beacon were attempting to derail Radius’ insolvency process and that in the event there is any further delay in the voting process, Adani may back out of the plan jeopardising the interest of over 200+ homebuyers.

Radius and a DB Group entity MIG (Bandra) Realtors and Builders had launched the high profile project ‘X BKC’. Radius was admitted into insolvency on April 30, 202


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