The National Company Law Tribunal (NCLT), Mumbai Bench, has approved two resolution plans submitted by Adani Properties Private Limited for HDIL’s Vertical V – BKC Inspire Project and Vertical IX – Shahad Maharal Lands under Section 31 of the Insolvency and Bankruptcy Code, 2016.
The resolution plans were submitted by Adani Properties and approved by the Committee of Creditors (CoC) with a 66.084% majority in their 25th meeting. Initially, the resolution process for HDIL as a whole failed due to lack of viable plans, prompting the NCLAT to allow a project-wise resolution strategy after appeals by homebuyers. Consequently, HDIL was split into 10 separate project verticals for targeted resolutions.
For Vertical V – BKC Inspire, the resolution value was pegged at Rs. 3 crore, including a Rs. 15 lakh CIRP cost. The CoC approved the plan, and the NCLT noted it complied with all mandatory provisions under the IBC and relevant regulations. Adani Properties proposed to take over the BKC project under existing Slum Rehabilitation Authority (SRA) development agreements and fund the resolution entirely through internal accruals. However, the Tribunal made clear that no automatic waiver of statutory dues, transfer charges, or demurrage penalties would be granted. Any such relief would need to be separately sought from competent authorities.
Similarly, for Vertical IX – Shahad Maharal Lands, the Tribunal approved Adani’s resolution plan after noting that a competing plan from KGK Realty was deemed unviable. Valuation of the project averaged around Rs. 89.66 crore (fair value) and Rs. 62.76 crore (liquidation value). Adani’s plan included a performance guarantee of Rs. 5 crore, and the company committed to funding the plan from its own reserves. The only secured creditor for this vertical was Unity Small Finance Bank (formerly Punjab and Maharashtra Co-operative Bank).
In both orders, the NCLT reaffirmed that resolution applicants will not be liable for past non-compliance of HDIL and that all claims not part of the resolution plan stand extinguished, in line with the Supreme Court’s ruling in Ghanshyam Mishra & Sons vs Edelweiss ARC, Civil Appeal No. 8129 of 2019. The tribunal also directed the formation of monitoring committees for each project to supervise implementation.
Advocates appearing in the case:
For the Applicant/RP : Mr. Shadab S. Jan a/w Ms. Prerana Wagh, Mr. Mufaddal Paperwala, Prangna B i/b M/s Crawford Bayley & Co.
For the Successful RA : Mr. Vikram Nankani Sr. Adv. a/w. Adv. Saloni Kapadia, Adv. Karan Gandhi, Adv. Kunal Nandkarni i/b. Cyril Amarchand
