SME Times News Bureau | 23 Feb, 2020
The National Company Law Tribunal's (NCLT) principal bench has approved
the Adani Group's acquisition bid for the Delhi-based Aditya Estates Pvt
Ltd.
Aditya Estates owns a 3.4 acre of residential property near Mandi House here.
The
total deal value involved is Rs 400 crore, out which the Adani Group
would have to make an upfront payment of Rs 265 crore for the
acquisition and the remaining Rs 135 crore for meeting statutory
charges.
The Committee of Creditors (CoC) led by ICICI Bank UK Plc had approved the bid by 93 per cent vote.
The
National Company Law Appellate Tribunal (NCLAT) in September last year
dismissed a plea challenging the NCLT's order to initiate insolvency
proceedings against Aditya Estates over the claims filed by ICICI Bank
UK Plc.
Aditya Kumar Jajodia, a shareholder of Aditya Estates, had challenged the insolvency proceedings against the firm in the NCLAT.
