The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the Resolution Plans for two projects of Housing Development and Infrastructure Limited (HDIL) — Vertical V – Project BKC (Slum Rehabilitation Project) and Vertical IX: Shahad Maharal Lands (Land parcel at Kalyan Shahad). In both the cases Adani Properties emerged as the successful resolution applicant. Resolution amount for the BKC project is Rs 3 crore, the resolution amount for Shahad Maral project is Rs 64 crore. HDIL owes around Rs 7,800 crore to creditors.
Housing Development and Infrastructure Limited (HDIL), a major real estate developer, entered Corporate Insolvency Resolution Process (CIRP) in August 2019 after Bank of India initiated…