Adani Properties to Acquire 2 HDIL Assets After NCLT Approval

The Mumbai Bench of the National Company Law Tribunal (NCLT) approved Adani Properties’ resolution plans for 2 HDIL assets, Project BKC located in Bandra Kurla Complex and the Shahad Maharal Lands in Thane, on 27 June under Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016. These approvals are part of HDIL’s ongoing insolvency proceedings.

Adani Properties was the only bidder fulfilling the IBC criteria for acquiring these 2 assets of Housing Development and Infrastructure Ltd. The Committee of Creditors (CoC) had previously approved both plans, valued collectively at over ₹2,000 crore, with a voting share of 66.08% in November 2022. The BKC project was acquired for ₹3 crore, and the Shahad Maharal project for ₹64 crore.

Shift to Project-wise Resolution 

Originally, HDIL’s resolution professional invited bids for a full-company resolution in February 2020, but no interest was shown. Due to ongoing unfinished housing projects, the National Company Law Appellate Tribunal permitted a project-wise resolution approach. 

Though initially opposed, the CoC revised its decision in September 2021 following appeals from homebuyers, who demanded a halt to liquidation and prioritised project-specific resolutions. HDIL has been under insolvency since August 2019, with total liabilities nearing ₹7,800 crore.

Company Profiles: Adani Properties & HDIL

Adani Properties, a part of the Adani Group, focuses on real estate development and infrastructure projects across India. Known for its strategic acquisitions and urban development initiatives, the company plays a key role in expanding the group’s presence in the real estate sector, particularly through high-value commercial and residential projects.

Housing Development and Infrastructure Ltd. (HDIL) is a Mumbai-based real estate company primarily involved in residential and commercial development. Once a prominent player in the sector, HDIL faced financial distress due to stalled projects and mounting liabilities, leading to insolvency proceedings in 2019 with debts of around ₹7,800 crore.

Read more: What All Does the Adani Group Own?

Conclusion 

The approval marks a significant step in HDIL’s insolvency process, offering clarity to stakeholders and potential relief to affected homebuyers.

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