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 ₹400 crores. 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 ₹265 crores. Another ₹135 crores would go towards meeting the statutory charges, taking the total deal value to ₹400 crores.
Aditya Estates's committee of creditors, led by ICICI Bank UK Plc, had already approved by 93.01 per cent vote share Adani's ₹400 crore offer, including an upfront payment of ₹ 265 crores.
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 ₹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.