The Committee of Creditors comprising lenders of HDIL Group have approved the resolution plans for six realty projects and voted for Adani Properties Pvt Ltd for Project BKC, while a consortium of Khyati Realtors and Dosti Realty for Majestic Towers in Nahur, Whispering Towers in Mulund and Premier Residences in Kurla.
The committee also approved the resolution plan by Adani Properties for HDIL’s Shahad Maharal Lands, while voted for Dev Land and Housing Pvt Ltd’s plan for HDIL Towers. During the resolution process, it was decided to invite resolution plans for 10 verticals.
“We further wish to inform you that the Company has not received compliant plan(s) for the remaining four Verticals/Projects viz. Vertical IV – Galaxy Apartments, Vertical VI – Paradise City, Vertical VII – Virar Lands, and Vertical X – Rest of the Company. Therefore, as required under the code, an application is being filed with Hon’ble NCLT, Mumbai Bench, regarding the initiation of liquidation of said four verticals for which no complaint resolution plan is received,”
While Paradise City is located in Palghar, the Galaxy Apartments project is in Kurla East. The corporate insolvency resolution process has been continuing before the National Company Law Tribunal since 2019.
