Nod to Adani Properties’ bid for two HDIL assets

The National Company Law Tribunal (NCLT) has approved the resolution plans of Adani Properties for two HDIL assets, including Project BKC in Bandra Kurla Complex and Shahad Maharal Lands in Thane district, as part of its insolvency process.

Advertisement

This was part of the corporate insolvency resolution process (CIRP), with Adani Properties being the sole bidder meeting the Insolvency and Bankruptcy Code (IBC) requirements for the two assets of Housing Development and Infrastructure Limited (HDIL). The Mumbai bench of NCLT approved the resolution plans under Section 31 of the IBC, 2016, on June 27.

The committee of creditors (CoC) had cleared both plans, which are valued at over Rs 2,000 crore, with a 66.08 per cent voting share in November 2022. Initially, HDIL's resolution professional sought interest in resolving the entire company in February 2020, but received no proposals.