Rajani Associates acts as legal advisors to Jayesh Sanghrajka, Resolution Professional for Radius Estates and Developers

Adani Goodhomes, through a Resolution Plan they submitted, will be able to deliver homes to 400 plus homebuyers in Mumbai.
Deals
Deals

Adani Goodhomes Private Limited (Resolution Applicant) had recently submitted a resolution plan for acquiring Radius Estates and Developers (Corporate Debtor).

Through the Resolution Plan and a Corporate Insolvency Resolution Process (CRIP) conducted by Jayesh Sanghrajka, Resolution Professional (RP) for Radius, Resolution Applicant will be able to deliver homes to 400 plus homebuyers in one of the most luxurious projects at Mumbai, namely TEN BKC (Project).

As legal advisors of the RP, Rajani Associates assisted the RP and his team on the following:  

  • timely completion of the entire corporate insolvency resolution process by the RP adhering to the provisions of IBC;

  • attending various Committee of Creditors' meetings and clarified various queries put to us by the RP as raised by CoC members;

  • defending various applications for and on behalf of Resolution Professional before NCLT and ED/CBI/RERA; 

  • perusing expression of interests, resolution plan and other compliance documents and providing our suggestions/comments in relation to the same;  

  • perusing documents and providing our suggestions/comments in relation to interim finance provided by Resolution Applicant to the Corporate Debtor to fund payment of discounted FSI premiums, payments to society members, fund construction cost towards commencing the redevelopment of the Project; 

  • perusing documents and providing our suggestions/comments in relation to construction management agreement, wherein Resolution Applicant agreed to commence the construction purely as a construction manager and keep the Corporate Debtor as a going concern in the CIRP;

  • ensuring the construction progress by the Resolution Applicant, post execution of the construction management agreement to maintain Corporate Debtor as a going concern; and

  • defending/ dealing with the objections raised by the minority stakeholders on the approval of the Resolution Plan.

The transaction team consisted of Devesh Juvekar (Partner), Ashish Parwani (Partner), Rajeev Nair (Associate Partner), Dikshat Mehra (Principal Associate), and Honey Chandnani (Associate).

This CIRP is unique in the sense that it will pave way for real estate companies, undergoing CIRP, to commence construction during CIRP thereby maximizing the value of the asset eventually for the benefit of homebuyers and other stakeholders pending approval from NCLT and keep the Corporate Debtor as a going concern.

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