Mumbai – Adani Properties has received approval from the National Company Law Tribunal (NCLT), Mumbai bench, to acquire two significant assets of the insolvent real estate firm Housing Development and Infrastructure Limited (HDIL). The approval marks a major milestone in Adani’s real estate expansion and gives the company strategic access to high-potential land parcels in and around Mumbai.
The NCLT order, dated June 27, 2025, approves Adani’s resolution plans for HDIL’s Vertical 5 and Vertical 9, which were submitted under the Insolvency and Bankruptcy Code (IBC). Adani Properties was the sole bidder that met all the legal and financial requirements outlined by the Code for both verticals.
The assets include “Inspire BKC,” a commercial development project located in Mumbai’s Bandra-Kurla Complex (BKC), one of the city’s most prime and commercially significant zones. The second asset is a large land parcel in the Kalyan–Shahad region on the outskirts of Mumbai in Thane district. Both projects had previously been stuck in insolvency proceedings for several years.
Legal advisory for Adani Properties during the process was handled by Cyril Amarchand Mangaldas, a leading law firm that guided the company through the IBC resolution. The NCLT approval followed detailed examination of the resolution plan and the votes by the Committee of Creditors (CoC). Vertical 5 represents a slum redevelopment project covering approximately 70,000 square meters in the BKC area, while Vertical 9 includes large private land parcels in Shahad and Maharal that were previously under litigation and subject to SARFAESI Act proceedings.
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The CoC had earlier decided to carry out the insolvency resolution for HDIL in a project-wise manner. This approach was legally challenged but ultimately upheld by the National Company Law Appellate Tribunal (NCLAT). Adani’s resolution plan received nearly 66 percent approval from creditors, crossing the minimum threshold needed for approval under IBC norms. While some creditors and former promoters raised objections, the NCLT sided with the CoC’s commercial wisdom and approved the deal.
With the acquisition now cleared by the tribunal, Adani Properties is expected to take full control of the assets and begin redevelopment planning. This includes finalizing project timelines, securing regulatory approvals, and engaging with stakeholders involved in slum rehabilitation and land redevelopment.
This acquisition not only enhances Adani’s growing portfolio in Mumbai’s real estate sector but also demonstrates the group’s aggressive approach to expanding through insolvency-led asset takeovers. It is anticipated that both projects will play a key role in shaping Adani’s long-term presence in Mumbai’s high-demand residential and commercial property markets.
The approval of the resolution plan is also seen as a win for creditors who had been awaiting a viable path to recover dues from HDIL’s long-stalled projects. With a reputed developer now stepping in, there is renewed optimism around the revival of both Inspire BKC and the Kalyan–Shahad projects.
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