NCLT Approves Aspect JV’s Rescue Plan for Radius & Deserve
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…