The National Company Law Tribunal’s Mumbai bench has approved Adani Properties’ acquisition of two key assets belonging to the long-insolvent Housing Development and Infrastructure Ltd (HDIL). The clearance marks a significant breakthrough in the real estate firm’s prolonged corporate insolvency resolution process (CIRP), initiated in 2019. The assets include a commercial property in Mumbai’s Bandra-Kurla Complex and a land parcel in Kalyan. Adani was the sole bidder with a compliant resolution plan for both verticals.
The acquisition comprises two verticals carved out from HDIL’s asset portfolio — the commercial project ‘Inspire BKC’ in the strategic Bandra-Kurla Complex (BKC) and a large land parcel in Kalyan Shahad, a fast-growing area on the city’s eastern periphery. These approvals align with the city’s larger goal of reviving long-stalled real estate corridors and restoring faith in institutional resolution frameworks under the Insolvency and Bankruptcy Code (IBC). The Mumbai-based developer was the sole bidder to submit an IBC-compliant plan for both assets. Industry estimates peg the current market value of the BKC and Kalyan assets at over ₹2,000 crore combined, though the formal resolution plan quotes a more conservative figure. The BKC property was valued at ₹3 crore, factoring in ₹2.85 crore to creditors and ₹15 lakh toward CIRP costs. The Kalyan land was assessed at a fair value of ₹89.66 crore and a liquidation value of ₹62.76 crore, indicating deep distress in asset pricing owing to unresolved legal and infrastructural hurdles.
Adani’s interest in the Inspire BKC vertical is part of a broader strategic investment in prime commercial spaces. While HDIL’s original intent was to develop the plot under the Slum Rehabilitation Authority (SRA) scheme, the plan is now expected to be completed by Budhpur Buildcon, a developer entity tied to Adani’s urban realty investments. The project retains its SRA rehabilitation component, which continues under regulatory supervision. The plan includes demerging the BKC vertical from HDIL into Adani or its designated subsidiary. The approach has been shaped by the revised stance of the Committee of Creditors (CoC), which initially resisted project-level resolution but later reversed its position following interventions from aggrieved homebuyers. This paved the way for a modular resolution approach, splitting HDIL’s wide-ranging portfolio into ten verticals. The two verticals awarded to Adani — V and IX — represent some of the most commercially promising parts of the portfolio.
As both properties move towards revival under a new promoter, the focus now shifts to execution timelines, stakeholder engagement, and ensuring that past gaps in transparency and delivery do not repeat themselves. For Mumbai’s urban growth story, such interventions offer a dual advantage: resolving legacy real estate bottlenecks while potentially integrating sustainable, equitable, and legally sound urban infrastructure into the city’s rapidly transforming skyline.
Adani Wins Mumbai NCLT Approval for HDIL Asset Purchase
