Bathla Group has entered voluntary administration, with restructuring firm Teneo appointed to several key entities as the Sydney residential developer grapples with billions of dollars in liabilities.
The administration affects Universal Property Group, Bathla’s main corporate entity, and Raj & Jai Construction, among other related companies.
Universal Property Group reported $3.2 billion in liabilities at June 30 last year, according to ASIC filings.
Bathla founder and managing director Bhart Bhushan attributed the decision to what he described as a “perfect storm”, including softer sales, changes arising from the federal government’s May budget and higher construction costs.
Teneo said its immediate focus was stabilising…