The National Company Law Tribunal (NCLT) has approved Adani Properties' bid to acquire two key assets of the bankrupt Housing Development and Infrastructure Ltd (HDIL). This marks a significant development in Adani's real estate expansion strategy.
As per the bench order by Mumbai's tribunal, the assets in question include prime land parcels in Mumbai and adjoining areas, previously held by HDIL before it entered insolvency proceedings. Adani Properties had submitted a resolution plan under the Insolvency and Bankruptcy Code (IBC), which received approval from the committee of creditors earlier.
This acquisition will allow Adani to gain strategic control over valuable real estate, further strengthening its presence in Mumbai’s property market. HDIL, once a major player in Mumbai's real estate sector, collapsed under scaling debts and legal troubles linked to the PMC Bank scam.
The resolution plan was cleared under Section 31 of the IBC, and Adani is now expected to begin integrating the assets into its development pipeline.