Bathla Group has called in administrators after months of speculation over its financial health and reports it owes billions of dollars to private credit lenders.
Global advisory firm Teneo confirmed to The Urban Developer that it had this week been appointed as voluntary administrator of the Sydney builder-developer and its subsidiary companies.
Teneo said it had launched “urgent discussions” with the group’s lenders to maintain construction activity and support the ongoing operation of the business during its administration.
Bathla founder and managing director Bhart Bhushan said in a statement on social media that the administration would provide “the most feasible opportunity to continue delivering much-needed housing in…