Bharadvaja Buildcon to take over bankrupt developer; creditor to receive free-sale area in Mumbai slum rehabilitation project.

NCLT Clears Aspect JV’s ₹352.5 Crore Resolution Plan for Radius & Deserve Land Developers.

The National Company Law Tribunal (NCLT) has approved Bharadvaja Buildcon LLP’s resolution plan for bankrupt real estate firm Radius & Deserve Land Developers, bringing an end to insolvency proceedings that began in May 2023. The joint venture, backed equally by Aspect Infrastructure & Construction and Karmas Buildcon LLP, secured unanimous approval from the sole Committee of Creditors (CoC), represented by IDBI Trusteeship Services. The approved plan offers a resolution value of ₹352.5 crore, significantly higher than the company’s fair value of ₹132.98 crore and liquidation value of ₹86.15 crore. Instead of a cash settlement, the secured creditor will receive up to 100,000 sq ft of constructed free-sale area in the company’s slum rehabilitation project at Teenmurti in Borivali, Mumbai. Construction is expected to begin within 25 months of approval, with full delivery targeted within 49 months. The NCLT noted that the plan fully complies with Insolvency and Bankruptcy Code regulations.