ICICI Pru VC fund, Beacon move NCLAT to block Adani Co's radius estates bid

ICICI Prudential VC Fund and Beacon Trusteeship have moved national company law appellate tribunal (NCLAT) to block Adani Good Homes' sole bid for Radius Estates, a company promoted by builder Sanjay Chhabria who was arrested by Central Bureau of Investigation last year in connection with the DHFL fraud, sources said.

The two financial institutions want the approval granted by national company law tribunal (NCLT) for Adani Good Homes sole bid for the company to be reversed and its orders set aside on grounds that the company was undervalued and the resolution process suffered from flaws, these sources said.

ET had reported on January 10 that NCLT had granted approval to Adani Good Homes' bid for Radius Estates which offered around Rs 76 crore to the financial creditors or a 96% haircut. The financial creditors of the real estate company are owed Rs. 1700 crores. Adani Good Homes offered to construct the residential buildings owned by the company at no further cost to the homeowners. The homeowners have unanimously backed the Adani offer and it has garnered more than two thirds of the votes of creditors. That surpasses the requirement for a bid to be approved under insolvency laws. Homeowners advanced Rs 800 crore to the real estate company to book their homes.


ICICI Prudential VC Fund and Beacon Trusteeship did not respond to ET's queries.

The two financial institutions have filed claims of Rs 150 crore. ICICI Prudential represents the interest of 1800 investors who invested in its real estate investment schemes. Those schemes had subscribed to debentures of Radius Estates.