Adani Properties has secured NCLT approval to acquire two key assets from HDIL—Inspire BKC in Mumbai and a land parcel in Shahad—through the corporate insolvency resolution process. The resolution plan for Inspire BKC is valued at Rs 3 crore, including Rs 2.85 crore for creditors and Rs 15 lakh for CIRP expenses. The Shahad land parcel carries a fair value of Rs 89.66 crore, with a liquidation value of Rs 62.76 crore.
Despite HDIL’s liabilities exceeding Rs 7,789 crore, Adani was the sole bidder to submit an IBC-compliant proposal. Industry experts estimate the combined value of both assets to be over Rs 2,000 crore, making this a significant acquisition.
The Mumbai bench of NCLT approved the plans under Section 31 of the IBC, with 66.08% creditor support. Adani will demerge the BKC project into itself or a subsidiary and continue the Slum Rehabilitation Authority (SRA) agreement with Budhpur Buildcon, which holds the Letter of Intent for the rehabilitation project.
For the Shahad parcel, Unity Small Finance Bank is the sole secured creditor. The tribunal dismissed its objections to the valuation in July 2024. Both deals include Rs 5 crore performance guarantees, as mandated by CIRP regulations.
