NCLT approves Adani Group's bid for Delhi's Aditya Estates

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.