M&A

M&A

NCLT approves Aspect Group’s resolution plan for Mumbai realtor Radius

Economic Times  

The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Bharadvaja Buildcon, a joint venture of Aspect Group, for the Mumbai-based bankrupt real estate company Radius and Deserve Land Developers.Radius focuses on building residential and commercial properties and executing slum rehabilitation projects. It operates as a joint venture between the Radius Group and the Deserve Group.The corporate insolvency resolution process (CIRP) was initiated in 2023 following the admission of an insolvency petition filed by IDBI Trusteeship Services. Claims of over INR 3,255.82 crore were admitted, with IDBI Trusteeship Services accounting for the entire voting share in the CoC.The creditor will receive a 1,00,000 free-sale area in a slum rehabilitation project. Construction is expected to commence within twenty-five months of plan approval.