Feb 24, 2020
New Delhi: The Adani Group will acquire a prime residential property near Mandi House in New Delhi after winning a bid to acquire Aditya Estates.
Adani won the bid through an insolvency process for a total deal value of Rs 400 crore. Aditya Estates holds a 3.4 acre of prime residential property near Mandi House. By all accounts, it is a bargain deal as similar properties have fetched a much higher price.
The principal bench of the National Company Law Tribunal has approved the resolution plan of Adani Properties to acquire Aditya Estates for Rs 265 crore. Another Rs 135 crore would go towards meeting the statutory charges, taking the total deal value to Rs 400 crore.
Aditya Estates’s committee of creditors, led by ICICI Bank UK Plc, had already approved by 93.01 percent vote share Adani’s Rs 400 crore offer, including an upfront payment of Rs 265 crore.
According to the list of applicants submitted in June last year, nine applicants had shown their interests for the property, including NR Narayana Murthy, Malvinder Singh, Anil Rai Gupta, Paras Pramod Agarwal, Dalmia Cement (Bharat), Veena Investments, Welspun Logistics, Adani Properties and Panch Tatva Promoters.
However, only two of them�Adani Properties and Veena Investments�had submitted their resolution plans.
The CoC rejected the Rs 225 crore offer from Veena Investments as it found it to be non-compliant and conditional. Besides, it did not take into account any liability that may arise from New Delhi Municipal Corporation for house tax, sales tax and income tax in the future.
Aditya Kumar Jajodia, a shareholder of Aditya Estates, challenged the insolvency proceedings against the firm in NCLAT but his plea was rejected.
