Lenders select developers for 6 projects of insolvent HDIL

15 Nov 2022 , 08:35 AM

According to news reports, lenders to the real estate developer Housing Development Infrastructure (HDIL) approved individual proposals for six projects, including one presented by Adani Properties.

For Project BKC and Shahad Maharal Lands, lenders chose Adani Properties, while Dev Land and Housing Pvt Ltd won HDIL Tower. Separately, according to the exchange notification by HDIL, a partnership between Khyati Realtors and Dosti Realty Ltd. was awarded three projects: Majestic Towers, Whispering Towers, and Premier Kurla.

According to the Insolvency and Bankruptcy Code, a resolution plan must receive the support of at least 66% of lenders weighted by value.

Last Monday, Abhay Manudhane, a resolution professional (RP), informed the stock exchange that the plans received for four verticals were not compliant. The liquidation of these four verticals will be requested by the RP in a bankruptcy court filing. These include the rest of the corporation, Paradise City, Virar Land, and Galaxy Apartments.

Rakesh Kumar Wadhawan and his son Sarang Wadhawan work to promote HDIL. Federal authorities are looking into them in relation to an alleged multi-million dollar fraud that caused the demise of Punjab & Maharashtra Co-operative Bank two years ago.

The RP has acknowledged claims from homebuyers for Rs900 crore and financial creditors’ claims of Rs6,895 crore.

After the appellate authority reversed a National Company Law Tribunal liquidation ruling, the HDIL resolution process was reopened in February. The tribunal stated that lenders had not sought a buyer for two years while rejecting the extension.

Following a request from homebuyers, the National Company Law Appellate Tribunal granted an extension. When considering a project-by-project sale of the business, the RP received 25 expressions of interest, the appellate tribunal said when granting an extension.

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