NCLT Excludes Worli Land Development Rights From HDIL’s Assets, Cites 2013 Agreement Termination

Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the resolution professional of Housing Development and Infrastructure Ltd (HDIL) to exclude development rights over a Worli-based property from the company’s pool of assets, holding that the underlying development agreement had been terminated before the commencement of insolvency proceedings.

In an order pronounced on October 15, the bench held that the development rights arising from an agreement executed in 2006 could not be treated as an asset of HDIL because the underlying…