Daijiworld Media Network – Mumbai

Mumbai, Jul 2: In a key development in the HDIL insolvency proceedings, the National Company Law Tribunal (NCLT) has approved Adani Properties’ resolution plans for two major assets — Project BKC in Mumbai’s Bandra Kurla Complex and the Shahad Maharal lands in Thane district.

The Mumbai bench of the NCLT passed the order on June 27 under Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, after Adani Properties emerged as the sole bidder meeting IBC norms for both projects. The resolution plans, together valued at Rs 67 cr, include Rs 3 cr for the BKC project and Rs 64 cr for the Shahad Maharal project.

The plans were earlier cleared by the committee of creditors (CoC) with a 66.08% voting share in November 2022. The decision marks progress in Housing Development and Infrastructure Ltd’s (HDIL) long-running insolvency process, which began in August 2019 with outstanding liabilities of around Rs 7,800 crore.

Initially, HDIL’s resolution professional had invited bids to resolve the company as a whole in February 2020, but received no viable offers. Subsequently, following objections and demands from home buyers, the National Company Law Appellate Tribunal (NCLAT) allowed a project-wise resolution. Though the CoC had initially rejected this approach, it reversed its decision in September 2021, paving the way for project-level bids.

Adani Properties' entry into the process marks a significant move in reviving key HDIL assets, offering a glimmer of hope to stakeholders, including affected home buyers.