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Indiabulls Housing Finance Moves NCLT against Radius Estate Projects

Indiabulls Housing Finance Moves NCLT against Radius Estate Projects

BY Realty Plus
Published - Monday, 16 May, 2022
Indiabulls Housing Finance Moves NCLT against Radius Estate Projects

Non-banking finance company Indiabulls Housing Finance Ltd has approached the dedicated bankruptcy court a plea to admit Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP). The realty firm owes over Rs 798 crore to Indiabulls Housing Finance.

This is the second such plea filed against the realty development company, which is also facing insolvency proceedings in a petition filed by SBICAP Trustee Company Ltd.

Indiabulls Housing Finance had extended loans to a few subsidiaries of Radius Developers and managed to recover most of it through the sale of the latter’s 7-lakh-sq-ft marquee office property ONE BKC in Mumbai’s business district to Blackstone Group.

The US-based private equity major had acquired the property for Rs 2,500 crore and Indiabulls Housing Finance, one of the key lenders to the developer then, was repaid Rs 1,650 crore through this transaction.

The NBFC is now looking to recover the residual dues in the form of loans and interest thereon from the developer by moving NCLT against some of these subsidiaries invoking personal guarantees provided by its promoters

On March 28, in a plea filed by the SBICAP Trustee Company, the tribunal allowed an application by Piramal Capital & Housing Finance Ltd (PCHFL) that opposed the withdrawal of insolvency resolution against Radius Estate Projects.

The company’s promoter, Anil Chhabria, approached the National Company Law Appellate Tribunal (NCLAT), seeking a stay on the constitution of the committee of creditors (CoC), arguing that Radius was settling the matter with the debenture holders. Subsequently, the resolution professional of the company filed an application for the withdrawal of the insolvency petition as the promoters of Radius Estate Projects settled their dues with the debenture holders.

Opposing this withdrawal petition, Piramal Capital & Housing had argued that the developer owes over Rs 2,444 crore to its lenders, while SBICAP Trustee supporting the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the builder, has a claim of only Rs 32 crore, which is meagre of 1.22% of the total admitted claims. On April 6, the NCLAT had stayed the formation of the CoC on a plea filed by Chhabria to challenge the tribunal’s order.

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