Mumbai, Jul 2 (PTI) 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.

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.

Due to unfinished residential properties, the National Company Law Appellate Tribunal (NCLAT) allowed a project-wise resolution plan.

The CoC initially rejected this proposal, however, reversed its stance in September 2021 after objections from home buyers.

Home buyers sought a stay on liquidation proceedings and a consideration of project-wise resolution, after which CoC authorised the RP to explore project-wise resolution.

The resolution amount for the BKC project is Rs 3 crore, while the resolution amount for Shahad Maral project is Rs 64 crore. HDIL has been undergoing insolvency since August 2019, with liabilities of around Rs 7,800 crores. PTI SM MR

Corporate insolvency resolution: project-wise IBC resolution plans approved, allowing Adani Properties to acquire two HDIL assets. Adani Properties' project-wise resolution plans for two HDIL assets were approved under IBC Section 31 after CoC endorsement, following a shift from company-wide to project-level resolution prompted by home buyer objections; the RP pursued project-wise sales and Adani Properties was the sole bidder meeting IBC requirements.