The National Company Law Tribunal’s Mumbai bench has approved a Rs 352.5 crore resolution plan submitted by Bharadvaja Buildcon LLP for Radius & Deserve Land Developers Private Limited, closing out a 38-month insolvency process during which the sole financial creditor, IDBI Trusteeship Services Limited, will recover just 10.75% of its admitted claim.
A two-member bench of Lakshmi Gurung (Member, Judicial) and Hariharan Neelakanta Iyer (Member, Technical) passed the order on July 21, allowing the plan approval application filed by resolution professional Aegis Resolution Services Private Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code.
IDBI Trusteeship Services, the sole member of the…