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Adani Properties has received National Company Law Tribunal (NCLT) approval to acquire two major assets of the defunct real estate developer, Housing Development and Infrastructure Ltd (HDIL). The assets include 'Inspire BKC,' a commercial property in Mumbai's Bandra-Kurla Complex, and a land parcel in Kalyan Shahad. Adani's resolution plan for Inspire BKC is INR 3 crore, while the Shahad land had a fair value of INR 89.66 crore. Industry experts estimate the combined value of these assets at over INR 2,000 crore. Adani was the sole bidder for these properties under the insolvency process, which HDIL has been undergoing since 2019 with over INR 7,789 crore in liabilities.
Adani Properties has recently secured approval from a national tribunal to acquire key assets in Mumbai and its outskirts. This action was taken through the corporate insolvency process of a defunct real estate developer, following a decision from the National Company Law Tribunal. Advertisement
The National Company Law Tribunal (NCLT) in Mumbai has approved Adani Properties' acquisition of two major assets belonging to Housing Development and Infrastructure Ltd (HDIL), a developer that ceased operations. HDIL, promoted by Rakesh Wadhawan, has been undergoing insolvency since 2019, with admitted liabilities exceeding INR 7,789 crore. T
he acquired assets include 'Inspire BKC,' a commercial property located in Mumbai's Bandra-Kurla Complex, and a land parcel in Kalyan Shahad on the outskirts of Mumbai. Adani Properties was the sole bidder to submit an Insolvency and Bankruptcy Code (IBC)-compliant proposal for both properties.
For the Inspire BKC project, Adani's resolution plan is valued at INR 3 crore, with INR 2.85 crore allocated to creditors and INR 15 lakh for CIRP (Corporate Insolvency Resolution Process) costs. The Kalyan Shahad land parcel had a fair value of INR 89.66 crore and a liquidation value of INR 62.76 crore. Industry experts estimate the combined value of these assets to be over INR 2,000 crore.
The NCLT's Mumbai bench approved the resolution plans under Section 31 of the IBC, 2016. This approval followed the Committee of Creditors' (CoC) endorsement with a 66.08% voting share in November 2022. Initially, a resolution for the entire company failed to attract proposals. This led the National Company Law Appellate Tribunal (NCLAT) to permit a project-wise resolution plan in September 2021, dividing HDIL into 10 verticals.
The current approvals pertain to Verticals V (Inspire BKC) and IX (Shahad land parcel). For Inspire BKC, Adani will demerge the project into itself or a subsidiary rather than acquiring HDIL as a going concern. Adani, through Budhpur Buildcon, will also continue the existing Slum Rehabilitation Authority (SRA) development agreement for the BKC project. Unity Small Finance Bank, formerly Punjab and Maharashtra Cooperative Bank, is the sole secured creditor for the Shahad land parcel, and its objections to the valuation were dismissed by the tribunal in July 2024. Both plans include performance guarantees of INR 5 crore each.
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