The National Company Law Tribunal (NCLT) has approved the acquisition of Radius Estates and Developers by Bridgeport Realtors, a subsidiary of Adani Group entity Adani Goodhomes, through a scheme of amalgamation.
This decision is a key step in implementing the resolution plan for Radius Estates, which has been under the corporate insolvency resolution process (CIRP) since April 2021. The scheme, sanctioned by the NCLT, is an integral part of a resolution plan that aims to merge Radius Estates into Bridgeport Realtors.
This plan was previously approved by the NCLT in January 2023, as part of a broader strategy to revive and consolidate the operations of Radius Estates. The resolution plan was proposed by Adani Goodhomes and the same had also been validated by the National Company Law Appellate Tribunal (NCLAT) in May 2024.
NCLT Mumbai bench's order highlights the strategic intent behind the merger, which includes revitalizing a significant real estate project and optimizing the asset value of Radius Estates. The amalgamation is expected to simplify the corporate structure and enable specialized management to focus on real estate development more effectively.
. As per the tribunal, the approval process involved dispensing with the need for separate meetings of equity shareholders for Radius Estates, as their consent was deemed granted due to the inclusion of the scheme in the approved plan.
For Bridgeport Realtors, the majority shareholder Adani Goodhomes, had given its formal consent, thus obviating the need for a separate meeting. In terms of creditor approvals, Radius Estates' creditors had already agreed to the scheme as part of the committee of creditors' approval. Since Bridgeport Realtors has no creditors, no additional consent was required, said the NCLT.
