MUMBAI: The National Company Law Tribunal (NCLT) has approved the resolution plan from the Aspect Group’s joint venture, Bharadvaja Buildcon LLP, for the bankrupt real estate firm Radius & Deserve Land Developers, facilitating the resolution process that began in May 2023.
The corporate insolvency resolution process (CIRP) was triggered after an insolvency petition filed by IDBI Trusteeship Services. Claims exceeding Rs 3,255.82 crore were accepted, with IDBI Trusteeship Services holding the entire voting share in the committee of creditors (CoC).
The resolution plan received unanimous approval from the sole CoC, represented by IDBI Trusteeship Services, with a total resolution value of Rs 352.50 crore. “This resolution plan includes a total resolution value of Rs 352.50 crore, against the maximum fair value of Rs 132.98 crore for the assets and a maximum liquidation value of Rs 86.15 crore,” said Sukumar Shetty, MD & Group COO of Aspect Group.
Sukumar Shetty further stated that such proposals are approved based on the asset valuations under the Insolvency and Bankruptcy Code, 2016, rather than proportionality to claims.
Instead of a cash disbursement, the secured financial creditor will receive up to 100,000 sq ft of constructed free-sale area in the company’s slum rehabilitation project located at Teenmurti in Mumbai’s Magathane area in Borivali.
The resolution professional, represented by counsel Nausher Kohli, informed the tribunal that 50% of the capital for the successful bidder is held by Aspect Infrastructure & Construction (AICPL), a company in the Aspect Group with over 15 years of experience in realty and infrastructure projects. The remaining 50% is held by Karmas Buildcon LLP.
Throughout the resolution process, multiple rounds of invitations for expressions of interest were held, and previous plans were either deemed ineligible or rejected for commercial reasons. Bharadvaja Buildcon emerged as the successful applicant after receiving unanimous approval from the CoC in April 2025.
The project is set to be funded through promoter contributions, internal accruals, and, if necessary, external borrowings. The successful applicant has already deposited the required Rs 1 crore as performance security following the issuance of the letter of intent.
According to the plan, construction of the free-sale component is slated to begin within 25 months of plan approval, with delivery of the secured creditor’s entitlement occurring within the following 24 months, resulting in a total timeline of 49 months. The NCLT noted that the resolution plan adheres to the mandatory provisions of the Insolvency and Bankruptcy Code and CIRP regulations.
