Adani group gets Project BKC, 3 others get 4 projects in HDIL insolvency resolution

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 Majectic Towers in Nahur, Whispering Towers in Mulund and Premier Residences in Kurla.

The resolution plans were submitted on November 11, and the resolution professional Abhay Manudhane disclosed this information in statutory disclosures to the stock exchanges the same day.

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 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, application is being filed with Hon’ble NCLT, Mumbai Bench, regarding the initiation of liquidation of said four verticals for which no compliant resolution plan is received,” Manudhane said in his letter to the stock exchanges. While Paradise City is located in Palghar, Galaxy Apartments project is in Kurla East.

The corporate insolvency resolution process has been continuing before the National Company Law Tribunal since 2019.

Home buyers stuck in incomplete projects for several years welcomed the successful resolution process and said they looked forward to completion of the projects by the developers. Chandrakishore Kolindewala, president of the Majestic Towers Flat Owners Association said, “We are happy that this day has come after nearly four years of struggle for our rightful homes. We filed the case in Economic Offences Wing which led to the arrest of the Wadhwans. We fought the case in MahaRERA, and just when the final orders were set to come, HDIL went into insolvency. We had to then move the NCLT, then Supreme Court said go back to NCLT. How much resilience do ordinary home buyers have to show before they can get justice? The government in the state and Centre needs to think about this.”

Majestic Towers has three towers which are complete till 24 floors, one tower with 11 floors, and 90 per cent of the Slum Rehabilitation building is complete. “We hope that Khyati, and Dosti group complete the buildings at the earliest. We are at this stage only because project-wise resolution was allowed in January this year by the National Company Law Appellate Tribunal (NCLAT), and even the Insolvency and Bankruptcy Code was amended. This has now paved the way for home buyers to go for project-wise resolution,” 72-year-old Kolindewala said.

Dr Haresh Manglani, who heads the Whispering Towers Flat Owners Welfare Association, also welcomed the announcement. “We are happy that finally the buildings will be completed though the resolution process took much longer than mandated. Whispering Towers project has three towers in phase I and four in phase II. The phase II has been at the plinth level since 2015 when the project was stalled,” he said. He said the resolution plan by Khyati-Dosti Realtors proposes to develop G + 47 floors and complete phase I in three years and phase II in 4.5 years,” he said.