Recently, the Adani group won a bid to acquire Aditya Estates Pvt Ltd. The value of this posh 3.4 acre residential property located at the center of the national capital is Rs 400 crore. This resolution plan of the Adani Group to acquire Aditya Estates for Rs 265 crore has been approved by the Delhi based Principal bench of the National Company Law Tribunal (NCLT), wherein Rs 135 crore would be allotted for the statutory charges, which totally comes upto 400 crore.
The committee of Creditors (CoC) of Aditya Estates has already approved Adani Group’s Rs 400 crore offer, inclusive of Rs 265 crore. Over nine resolution applicants that include Malvinder Singh, Anil Rai Gupta, Paras Pramod Agarwal, Narayan murthy, Dalmia Cement (Bharat), Veena
Investments, Welspun Logistics, Adani Properties and Panch Tatva Promoters showed interest for the property, as per the list of resolution applicants that was submitted on June 27, 2019.
However, only two of them submitted the resolution plans, which were Veena Investments and Adani Properties. Unfortunately, the 225 crore offer from Veena Investments was rejected by CoC, owing to the fact that it was non-compliant and conditional. Moreover, it did not consider the liability that may appear in future from NDMC for house tax, sales tax and Income tax.
While granting approval to the Sale, during the final hearing, Spirit Infrapower one of the financial creditors raised objection before NCLT on the basis that the Adani Group has changed its offer to Rs 265 crore, which was reduced by 33.75 per cent. Spirit Infrapower has also contended that the liquidation value of property was Rs 306 but the resolution plan was much lower amount.
However, the resolution professionals and CoC submitted that the reduction/adjustment was done to meet the liabilities arising out of the transaction payable to NDMC for conversion of property to free hold, property tax, stamp duly and other related charges.
According to the request for resolution plan (RFRP) was to offer a resolution plan to acquire on an “as is where is” basis. Therefore, the resolution applicants were requested to disassociate the risks and also to detach contingency and uncertainty as well.