Real estate company – Josh Adams Realtor http://joshadamsrealtor.com/ Fri, 06 May 2022 10:18:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://joshadamsrealtor.com/wp-content/uploads/2021/10/josh.png Real estate company – Josh Adams Realtor http://joshadamsrealtor.com/ 32 32 Raymond Hendricks, Founder of HD Real Estate Company, Talks About How They Handle Tampa’s ‘Crazy’ Real Estate Market https://joshadamsrealtor.com/raymond-hendricks-founder-of-hd-real-estate-company-talks-about-how-they-handle-tampas-crazy-real-estate-market/ Fri, 06 May 2022 10:18:11 +0000 https://joshadamsrealtor.com/raymond-hendricks-founder-of-hd-real-estate-company-talks-about-how-they-handle-tampas-crazy-real-estate-market/ HD Real Estate Company, a leading brokerage firm in Tampa, Florida, has just launched an initiative to discuss how it makes it easier to buy and sell properties for people in the Tampa Bay area and around Jacksonville. The goal is to educate buyers and sellers on how they can choose agents who have deep […]]]>

HD Real Estate Company, a leading brokerage firm in Tampa, Florida, has just launched an initiative to discuss how it makes it easier to buy and sell properties for people in the Tampa Bay area and around Jacksonville. The goal is to educate buyers and sellers on how they can choose agents who have deep market knowledge and put the customer first.

Tampa, Fla. – (Newsfile Corp. – May 6, 2022) – Founded by real estate broker, Ray also known as Ray “Real Estate Ray” Hendricks in late 2020, HD Real Estate Company has helped many clients find the properties of their dreams, especially first-time home buyers in the Tampa Bay area. Ray has been successful in the real estate industry for over five years now through his passion for helping agents and clients. They currently have a team of 8 highly trained agents who are trained by Ray to put the customer first and provide the best experience possible.

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Ray “Real Estate Ray” Hendricks

Ray started HD Real Estate Company to help him achieve his goals of helping people. “What motivates me is seeing people’s happiness and excitement when they complete their purchase and get their new home,” Ray said.

With the current trends in the real estate market, it is difficult for buyers and sellers to know how to choose a good agent, an agent must above all care about the needs of the client and know his field. The HD Real Estate Company team with everyone at heart is your reference team.

“Recruiting talented agents with the same mindset and drive to succeed is what excites me and makes us great. Being there for our clients, understanding their needs and helping them get what they want most in life is our commitment,” says Ray.

You can reach The HD Real Estate Company Brokerage with the information below:

Company Name – HD Real Estate Company
Contact Name – Ray “Real Estate Ray” Hendricks
E-mail – [email protected]
Website – hdrealestatecompany.com
Country/Address – Tampa, FL

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HD Real Estate Company

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122950

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HD Real Estate Company founder Raymond Hendricks explains how they handle Tampa’s ‘crazy’ real estate market https://joshadamsrealtor.com/hd-real-estate-company-founder-raymond-hendricks-explains-how-they-handle-tampas-crazy-real-estate-market/ Fri, 06 May 2022 10:11:00 +0000 https://joshadamsrealtor.com/hd-real-estate-company-founder-raymond-hendricks-explains-how-they-handle-tampas-crazy-real-estate-market/ HD Real Estate Company, a leading brokerage firm in Tampa, Florida, has just launched an initiative to discuss how it makes it easier to buy and sell properties for people in the Tampa Bay area and around Jacksonville. The goal is to educate buyers and sellers on how they can choose agents who have deep […]]]>

HD Real Estate Company, a leading brokerage firm in Tampa, Florida, has just launched an initiative to discuss how it makes it easier to buy and sell properties for people in the Tampa Bay area and around Jacksonville. The goal is to educate buyers and sellers on how they can choose agents who have deep market knowledge and put the customer first.

Tampa, Fla.–(Newsfile Corp. – May 6, 2022) – Founded by real estate broker, Ray also known as Ray “Real Estate Ray” Hendricks in late 2020, HD Real Estate Company has helped many clients find their dream properties, especially first-time home buyers in the Tampa Bay area. Ray has been successful in the real estate industry for over five years now through his passion for helping agents and clients. They currently have a team of 8 highly trained agents who are trained by Ray to put the customer first and provide the best experience possible.

Ray “Real Estate Ray” Hendricks

Ray started HD Real Estate Company to help him achieve his goals of helping people. “What motivates me is seeing people’s happiness and excitement when they complete their purchase and get their new home,” Ray said.

With the current trends in the real estate market, it is difficult for buyers and sellers to know how to choose a good agent, an agent must above all care about the needs of the client and know his field. The HD Real Estate Company team that takes all of this to heart is your referral team.

“Recruiting talented agents with the same mindset and drive to succeed is what excites me and makes us great. Being there for our clients, understanding their needs and helping them get what they want most from life is our commitment,” says Ray.

You can reach The HD Real Estate Company Brokerage with the information below:

Company Name – HD Real Estate Company
Contact Name – Ray “Real Estate Ray” Hendricks
Email – info@HDRealEstateCompany.com
Website – hdrealestatecompany.com
Country/Address – Tampa, FL

HD Real Estate Company

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122950

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Real estate company announces new sales manager in Hampton https://joshadamsrealtor.com/real-estate-company-announces-new-sales-manager-in-hampton/ Wed, 04 May 2022 16:01:00 +0000 https://joshadamsrealtor.com/real-estate-company-announces-new-sales-manager-in-hampton/ Howard Hanna Real Estate Services announces Jennifer Luzik as the new Director of Sales at the company’s Hampton office. Luzik has been a full-time realtor since 2011 and Sales Manager at Howard Hanna’s office in Monroeville since May 2019. “Jennifer Luzik has been a proven producer and strong leader within our Hanna family,” said Dennis […]]]>

Howard Hanna Real Estate Services announces Jennifer Luzik as the new Director of Sales at the company’s Hampton office.

Luzik has been a full-time realtor since 2011 and Sales Manager at Howard Hanna’s office in Monroeville since May 2019.

“Jennifer Luzik has been a proven producer and strong leader within our Hanna family,” said Dennis Cestra Jr., Pennsylvania region president for the company. “The Hampton market is growing, and we are looking to capitalize on it with Jennifer’s marketing and transaction expertise.”

She also drew praise from Yvonne Guthrie, vice president of Hanna’s Pennsylvania North Region.

“Jennifer has a great knowledge of the real estate industry,” Guthrie said. “His leadership, coupled with the hardworking agents in the Hampton office, will deliver an exceptional real estate experience for clients and clients.”

Luzik is a graduate of the Pennsylvania Association of Realtors Leadership Program and is a Past Chairman of the Greater Alle-Kiski Area Board of Realtors. Prior to obtaining his real estate license, Luzik worked as a financial analyst for 20 years.

“I take great pride in helping real estate agents grow and take their business to the next level,” she said. “That’s what I’m most excited to do in the Hampton office.”

Howard Hanna Real Estate Services is the largest private real estate brokerage in the United States, with over 14,000 salespeople and staff.

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Berkshire Elite Circle Award-Winning Real Estate Company https://joshadamsrealtor.com/berkshire-elite-circle-award-winning-real-estate-company/ Thu, 28 Apr 2022 04:00:00 +0000 https://joshadamsrealtor.com/berkshire-elite-circle-award-winning-real-estate-company/ Berkshire Hathaway HomeServices Florida Network Realty received the Berkshire Elite Circle Award, recognizing the best companies in the network. The northeast Florida real estate company ranks 23rd among all Berkshire Hathaway HomeServices brokerages in its global network based on total gross commission revenue. The network includes over 1,500 offices with over 50,000 agents in 12 […]]]>

Berkshire Hathaway HomeServices Florida Network Realty received the Berkshire Elite Circle Award, recognizing the best companies in the network.

The northeast Florida real estate company ranks 23rd among all Berkshire Hathaway HomeServices brokerages in its global network based on total gross commission revenue.

The network includes over 1,500 offices with over 50,000 agents in 12 countries. The award was presented at the 2022 Sales Convention, an annual gathering of Berkshire Hathaway HomeServices real estate professionals, held this year in Louisville, Kentucky.

“We are honored to receive this recognition alongside some of the most successful and prestigious real estate agencies,” said Kevin Waugaman, CEO of Berkshire Hathaway HomeServices Florida Network Realty. “We appreciate our hardworking and dedicated team of real estate agents, brokers, employees and our wonderful clients who have helped us achieve this recognition.”

The local property company became a member of the network in 2014. Founded in 1988, the company has won numerous top business awards including the Gibraltar and Elite Circle awards every year for the past 29 years.


More than 5,000 professionals from around the world, including a team of 65 Northeast Florida realtors, attended the sales convention. The event offered opportunities to attend educational sessions, discuss market trends and gain insights from leading speakers including Christy Budnick, CEO of Berkshire Hathaway HomeServices, formerly CEO of Berkshire Hathaway HomeServices Florida Network Realty.

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Christine Quinn launched her own real estate company RealOpen https://joshadamsrealtor.com/christine-quinn-launched-her-own-real-estate-company-realopen/ Wed, 27 Apr 2022 09:35:08 +0000 https://joshadamsrealtor.com/christine-quinn-launched-her-own-real-estate-company-realopen/ Jason, you have competition Christine Quinn officially left the Oppenheim Group and started her own real estate company called RealOpen alongside her husband Christian Dumontet. However, this is not your usual brokerage. RealOpen lets anyone buy a home using cryptocurrency, the first company of its kind to do so. Christine and Christian spoke to Forbes […]]]>

Jason, you have competition

Christine Quinn officially left the Oppenheim Group and started her own real estate company called RealOpen alongside her husband Christian Dumontet.

However, this is not your usual brokerage. RealOpen lets anyone buy a home using cryptocurrency, the first company of its kind to do so. Christine and Christian spoke to Forbes about their new venture and Christine said part of her decision to leave the Oppenheim Group was because they didn’t believe in the use of crypto in real estate sales.

She said, “A lot of brokerages are very leery of accepting crypto because they don’t understand the inner workings of it, which is why it’s very difficult for agents to perform these transactions.

“A) brokers know nothing about crypto; B) don’t know what to do; and C) don’t understand how reliable and safe it is. The process used by RealOpen is absolutely reliable and infallible.

through Netflix

So how involved is Christine with RealOpen? And how does it work exactly?

Here’s everything you need to know about RealOpen, Christine Quinn’s new company:

RealOpen lets anyone buy a home using cryptocurrency

Confused? Let’s break this down. RealOpen will list a number of homes on its service, but you can also use its platform to purchase a home listed in MLS inventory.

Once the buyer has found a property and is looking to submit an offer, RealOpen checks the buyer’s crypto assets to verify that they have the funds. Then the offer for the house is submitted all in crypto.

If the offer is accepted, RealOpen helps convert three percent of the offer into cash so that the buyer and seller can enter into receivership.

Just before the escrow closing date, the rest of the crypto supply is converted into cash which goes to the seller and the closing period ends as it would with a normal purchase.

What is Christine’s involvement in the company?

via Instagram @thechristinequinn

Christine is CMO and co-founder of RealOpen. In their interview with Forbes, Christian said his initial target market was “crypto whales,” meaning people with $5 million worth of digital assets.

As part of their business, they have people working on the legal and compliance side so everyone in the process feels comfortable.

Real estate sellers don’t actually need to have their own crypto assets because they receive money at the end of the sale.

Christine said the platform is ideal for people who are skeptical of crypto because “we return it for them through the platform and they will receive money.”

To show how dedicated she is to RealOpen, Christine even puts her own house up for sale for $9.25 million or some crypto equivalent. In their interview with Forbes, Christine hinted that the business may go beyond real estate and also list yachts, artwork and jewelry in the future.

Selling Sunset season five is available now on Netflix. For all the latest Netflix news, drops and memes like The Holy Church of Netflix on Facebook.

Related stories recommended by this writer:

• Ranked: Every look Christine Quinn wore on Selling Sunset this season

• These are all the side hustle of the cast of Selling Sunset

• Uh, Christine Quinn just said the plots of Selling Sunset are fake

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RocketCos. is the highest-ranked real estate company on Fortune’s 100 Best Companies to Work For https://joshadamsrealtor.com/rocketcos-is-the-highest-ranked-real-estate-company-on-fortunes-100-best-companies-to-work-for/ Wed, 13 Apr 2022 00:08:31 +0000 https://joshadamsrealtor.com/rocketcos-is-the-highest-ranked-real-estate-company-on-fortunes-100-best-companies-to-work-for/ Fortune just released its 2022 list of the 100 Best Companies to Work For, and several companies familiar with the residential real estate world have made the cut. At No. 7, Rocket Mortgage’s parent company, Rocket Cos., was the highest ranked member of the group. However, it fell two places from its fifth place in […]]]>

Fortune just released its 2022 list of the 100 Best Companies to Work For, and several companies familiar with the residential real estate world have made the cut.

At No. 7, Rocket Mortgage’s parent company, Rocket Cos., was the highest ranked member of the group. However, it fell two places from its fifth place in 2021.

David Weekley Homes was close behind at No. 9. The Houston-based homebuilder was ranked No. 13 last year.

The top spots on the list went to information technology giant Cisco, followed by hotelier Hilton and grocery chain Wegmans Food Markets Inc.

Fortune produced this year’s ranking with A Great Place to Work. The list was based on more than 870,000 responses to employee surveys and data provided by companies that together employ more than 6.1 million people. To be considered, companies must have at least 1,000 US employees, be Great Place to Work-Certified™ and cannot be government agencies.

The full list of real estate companies and adjacent real estate companies on the list and their respective ranks are as follows:

  1. Rocket Cos., Detroit.
  2. David Weekley Houses, Houston.
  3. Veterans United Home Loans, Columbia, Missouri.
  4. New American Funding, Tustin, CA.
  5. Camden Property Trust, Houston.
  6. PulteGroup Inc., Atlanta.
  7. First American Financial Corp., Santa Ana, CA.
  8. Zillow Group, Seattle.
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The Dubuque real estate company celebrates its 50th anniversary https://joshadamsrealtor.com/the-dubuque-real-estate-company-celebrates-its-50th-anniversary/ Sun, 10 Apr 2022 12:43:26 +0000 https://joshadamsrealtor.com/the-dubuque-real-estate-company-celebrates-its-50th-anniversary/ American Building Inc. Address: 2115 John F. Kennedy Road in Dubuque Phone: 563-556-4577 Website: americanofdubuque.com Hours: 8 a.m. to 5 p.m. Monday to Friday When Bob Neuwoehner and Jim Curoe founded American Realty Inc. in 1972 in Dubuque, their first office was in Curoe’s kitchen. The fledgling real estate company was a risky gamble by […]]]>
American Building Inc.

Address: 2115 John F. Kennedy Road in Dubuque

Phone: 563-556-4577

Website: americanofdubuque.com

Hours: 8 a.m. to 5 p.m. Monday to Friday

When Bob Neuwoehner and Jim Curoe founded American Realty Inc. in 1972 in Dubuque, their first office was in Curoe’s kitchen.

The fledgling real estate company was a risky gamble by two young real estate agents who had little capital to invest but had boundless ambition.

“I didn’t have a penny to my name,” Neuwoehner said. “It certainly wasn’t easy at first.”

A few days after its founding, American Realty sold its first home. In 1983 the company moved to a new office at the Inn Plaza in Dubuque. Three years later, Neuwoehner and Curoe purchased land on John F. Kennedy Road and built American Realty’s current headquarters.

As he reflects on the company’s past, Neuwoehner finds it hard to believe what has become of American Realty.

The real estate company, which celebrates its 50th anniversary this year, has its central office building in Dubuque – along with three other satellite offices – sells residential, commercial and agricultural properties; and partners with 37 independent real estate agents.

The management of the company has also changed over the years. Neuwoehner sold his ownership of the business in 2019, and Curoe did the same 11 years prior. The company founded by two men is now owned by two women.

“I think it’s great,” Neuwoehner said. “The company is in good hands.

The change in ownership at American Realty reflects a broader trend in the real estate industry. When Neuwoehner first founded the company, real estate was largely a male-dominated field. That trend has reversed, and now 64% of realtors are women, according to the National Association of Realtors.

Shari Greenwood and Peggy Nesler, the new owners of American Realty, plan to continue to grow the business while following in the footsteps of previous owners who made it a success.

“Every day we have to make sure we’re on top of everything,” Nesler said. “It’s a great business, and we will continue to grow.”

The keys to success

At American Realty, individual real estate agents operate independently, as is the case at other real estate businesses.

This arrangement can often lead to aggressive competition, but Greenwood said his company has always pushed its agents to pursue mutual cooperation.

“Our office of realtors may technically be in competition with each other, but at American we’re not really in competition with each other,” she said. “We have a great team and we work together to make everyone successful.”

Another thing that sets American Realty apart is the company’s focus on education. Neuwoehner said he has always advocated extensive training for all incoming realtors to best prepare them for success.

“We don’t just bring people in,” he said. “We don’t just say, ‘Good luck, you’re on your own.’ We create opportunities for them and help them manage their small business within a company.

This mentality has paid off in helping the company maintain its workforce. Greenwood said many real estate agents contracted with American Realty stay with the company for several years, and several have retired with the company.

A focus on growth

American Realty has expanded its reach selling real estate in the Tri-State area over the years, a trend that continues under Greenwood and Nesler’s leadership.

Today, the company lists and sells properties in southwestern Wisconsin, northwestern Illinois and northeastern Iowa.

In 2012, American Realty opened a branch in Dyersville, Iowa, allowing the company to attract agents and clients to western Dubuque County and Delaware County.

The company opened a branch in Cascade in 2018, further strengthening American Realty’s presence in the region. A fourth office is located in Manchester, Iowa.

Neuwoehner said he hopes American Realty can remain a major real estate company in the region for another 50 years. He works in the company but knows that one day she will have to move on without him.

Neuwoehner stressed that he felt confident in the leadership of the new owners.

For Greenwood, American Realty is more than just a real estate company. She described him as a major contributor to the development of the local economy as he helps see through buying new homes and starting new businesses.

“Real estate agents have also helped this town grow,” she said. “We come up with ideas for marketing areas. Whether residential, commercial or agricultural, we are an important part of helping people get things done with their investment. »

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No real estate company allowed to charge in dollars – BoG https://joshadamsrealtor.com/no-real-estate-company-allowed-to-charge-in-dollars-bog/ Fri, 08 Apr 2022 13:18:18 +0000 https://joshadamsrealtor.com/no-real-estate-company-allowed-to-charge-in-dollars-bog/ The Bank of Ghana (BoG) claims that no real estate company in the country has been licensed to assess or transact in foreign currencies. BoG’s head of financial stability noted that while some hoteliers have been allowed to trade currencies for convenience, these organizations are being closely monitored. Dr. Jospeh France explained that such measures […]]]>

The Bank of Ghana (BoG) claims that no real estate company in the country has been licensed to assess or transact in foreign currencies.

BoG’s head of financial stability noted that while some hoteliers have been allowed to trade currencies for convenience, these organizations are being closely monitored.

Dr. Jospeh France explained that such measures were part of the Central Bank’s desire to step up supervision and break the whip on the black market.

Ghana’s Foreign Exchange Act 2006 (Act 723) prohibits companies and individuals from engaging in foreign exchange transactions without the permission of the Central Bank.

This legislation also prohibits the pricing and advertising of goods and services in foreign currencies.

However, in Ghana, many real estate agencies and hoteliers often charge mortgages, rents and leases in dollars.

In an interview on JoyNews The pulseOn Thursday, Dr. France pointed out that even agencies and organizations that transact in foreign currencies do not get these permits for free.

“I don’t know of any approved real estate establishments; so if a real estate institution is trading Forex, then that real estate is trading Forex illegally and should be reported to law enforcement,” he said.

Addressing the implications of illegal forex trading on Ghana’s economy, he noted that “once you dollarize your economy it means you weaken your cedi and if you weaken your cedi then you make everything expensive for your citizens”.

An earlier BoG statement warned businesses, institutions and individuals against foreign exchange business without a license issued by the Bank of Ghana.

The Central Bank has reminded the public that the only currency that is legal tender in Ghana is the Ghana Cedi.

In this regard, in conjunction with national security and law enforcement agencies, the banking sector regulator said it will continue to crack down on illegal foreign exchange transactions, adding that “all offenders will be dealt with in accordance with the law”.

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Why PESONS is the first Family Real Estate Company in Africa https://joshadamsrealtor.com/why-pesons-is-the-first-family-real-estate-company-in-africa/ Thu, 07 Apr 2022 00:00:36 +0000 https://joshadamsrealtor.com/why-pesons-is-the-first-family-real-estate-company-in-africa/ Patrick Egemasi & Sons Limited (PESONS) has long-term experience in the development, redevelopment, acquisition and management of distinctive apartment buildings in some of the best markets in Africa, the Middle East and Europe, and offers outsized risk-adjusted returns to shareholders. Being the leading family real estate company in Africa, its services include; Real Estate Development […]]]>

Patrick Egemasi & Sons Limited (PESONS) has long-term experience in the development, redevelopment, acquisition and management of distinctive apartment buildings in some of the best markets in Africa, the Middle East and Europe, and offers outsized risk-adjusted returns to shareholders.

Being the leading family real estate company in Africa, its services include; Real Estate Development and Design, Real Estate Sales and Acquisitions, Real Estate Management and Citizenship/Residence Permit by Real Estate. Direct operations are; Precious Egamasi, Sapphire Egamasi and Egemasi Temple.

Leveraging its group, PESONS has the ability to provide a complete solution to clients looking for a world-class turnkey development or redevelopment, for residential complexes and business campuses. As a family business, they aim to create a legacy of values ​​for future business families. Patrick Egemasi & Sons Ltd. also provides specialized sales and acquisition services to potential buyers.

Wealthy people all over the world are buying property abroad for a variety of reasons: to save money, to enjoy the property and to visit. To live in the selected country at any time, it is not enough to be a property owner, you need a residence permit or citizenship. Patrick Egemasi & Sons Limited offers exceptional support in researching, negotiating and acquiring overseas properties, whether for lifestyle or investment purposes.

Through our services, clients can acquire valuable real estate in a competitive market. We provide our clients with the most efficient and effective strategies to ensure that our clients get the most out of their investment. We have extensive knowledge of the local and national property markets across Nigeria, our expertise includes advising on any commercial property consultancy, financing, research, energy conservation, social housing, as well as the development of multipurpose developments.” – Said Precious Egemasi, the operations manager.

Precious Egemasi (PESONS Ltd)

After trying and excelling in other businesses, Precious Egemasi decides to join his family business leading the business with digital innovations in the real estate sector.

The precious Egemasi continues;

“At PESONS, we are committed to providing our clients with the highest quality property management services. We offer active value-oriented management with the goal of retaining and growing the value of our clients’ real estate investments.

You get the best service in all areas of the property, from collecting your rent to maintenance, including the little things like fixing a leak. You won’t have to deal with complaints or constantly follow up with your tenants or contractors. With experts taking care of everything, all you have to do is sit back and watch your investment gain demand in the real estate market.

TRY TONIGHT!!! —

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Another NCR-based real estate company on the brink of bankruptcy? NCLT Begins Insolvency Proceedings | Real estate news https://joshadamsrealtor.com/another-ncr-based-real-estate-company-on-the-brink-of-bankruptcy-nclt-begins-insolvency-proceedings-real-estate-news/ Wed, 06 Apr 2022 11:06:24 +0000 https://joshadamsrealtor.com/another-ncr-based-real-estate-company-on-the-brink-of-bankruptcy-nclt-begins-insolvency-proceedings-real-estate-news/ New Delhi: The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Ananda Divine Developers, a spin-off company from NCR-based property company ATS Infrastructure. A main bench of two Delhi-based NCLT members had on March 25 admitted a plea filed by ICICI Prudential Venture, claiming a claim of Rs 25 crore. The insolvency court […]]]>

New Delhi: The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Ananda Divine Developers, a spin-off company from NCR-based property company ATS Infrastructure.

A main bench of two Delhi-based NCLT members had on March 25 admitted a plea filed by ICICI Prudential Venture, claiming a claim of Rs 25 crore.

The insolvency court appointed Harish Taneja as an interim resolution professional to take over management of the business while suspending the board of directors of Ananda Divine Developers.

Meanwhile, ATS Infrastructure, in a statement, said it has resolved the dispute with ICICI Prudential Venture and will soon file a settlement.

“We have received a copy of the order and are in the process of reviewing the same,” said Getamber Anand, CMD of ATS Group, adding “We have mutually closed this dispute with ICICI Prudential Venture and will be filing a settlement soon.” .

In its 20-page order, the NCLT observed that the property company is liable to pay ICICI Prudential Venture, the financial creditor, a total outstanding sum of Rs 25.46 crore as of November 20, 2020, which includes default IRR (Internal Return Rate).

“Therefore, by not paying the outstanding amount, which has become due, the debtor legal person has committed an event of default under the terms of the investment agreement and a default under the terms of the provisions of the code”, said the bench composed of President R. Sudhakar and AK Srivastava.

The NCLT also observed that in this case, Ananda Divine has not filed any written response or submission so far.

“However, in view of the debt and default clearly set forth in Part IV of the Section 7 motion, this bench is inclined to grant this motion,” the NCLT said in its order passed March 25, 2022. .

Under Section 7 of the Insolvency and Bankruptcy Code (IBC), a financial creditor may initiate insolvency proceedings against the debtor company concerned.

On July 24, 2014, Ananda Divine Developers along with its promoter ATS Infrastructure and Getamber Anand, also a promoter and personal guarantor, had signed an investment agreement, under which ICICI Prudential Venture invested Rs 75 crore by subscribing 75 lakh debentures having a face value of Rs 100.

The debenture and bonds were secured by a mortgage on a 14-acre plot of ATS Triumph Land located at Sector 104 in Gurgaon.

The debenture bore interest at 14% per annum and was to be repaid no later than September 30, 2018.

Ananda Divine Developers paid the first installment of Rs 92.50 crore on December 30, 2107, towards the principal amount of Rs 65.62 crore.

However, a default had occurred for the remaining 9.37 crore debentures on March 31, 2018, and a notice was issued.

Again, another notice was issued on December 11, 2019, stating that if the real estate company does not make payment within the specified time, then they will be required to make payment for the amount of the current subscription as well than a default internal execution rate (IRR) of 30 percent.

Later, a notice was issued on October 26, 2020, in which the financial creditor demanded a due of Rs 25.16 crore.

After not being paid, the financial creditor moved to NCLT.

According to the company, the related project is completed and handed over. Also Read: TCS Technician Becomes Zomato’s Agent; shares pain points of delivery partners in a warm post on LinkedIn

“The amount envisaged is a very small sum, and the related project is completed and handed over. It will not affect our other projects,” Anand said. Also Read: Zomato and Swiggy Face Temporary Outages; customers unable to order food online

Live

#mute

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