HDIL lenders voted in favour of its six projects and other four to be liquidated

The lenders of HDIL- Housing Development Infrastructure selected Adani Properties for Project BKC and Shahad Maharal Lands while Dev Land and Housing Pvt Ltd won HDIL Tower. The syndicate of Khyati Realtors and Dosti Realty Ltd won three projects- Majestic Towers, Whispering Towers and Premier Kurla.

Lenders to real estate developer Housing Development Infrastructure (HDIL) voted for separate plans for six projects, including a plan submitted by Adani Properties, stock exchange disclosures showed.

“The resolution plans of these three bidders barely scraped through. Just over 66% of lenders voted for their plans,” said one of the creditors. Interestingly, as per the Insolvency and Bankruptcy Code, at least 66% of lenders by value must vote in its favour for a resolution plan to be approved.

The resolution professional for the same Abhay Manudhane, iintimated the stock exchange the plans received for four verticals were not compliant last week itself. The RP will begin the procedure to file with the bankruptcy court for the liquidation of these four verticals. These include Galaxy Apartments, Paradise City, Virar Land and the rest of the company.

The promoters of HDIL, Rakesh Kumar Wadhawan and his son Sarang Wadhawan are under federal investigation over an alleged multi-crore scam that led to the collapse of Punjab & Maharashtra Co-operative Bank two years ago.

The RP has admitted Rs 900 crore homebuyers’ claims and Rs 6,895 crore of financial creditors’ claims.

This year in February, the resolution process of HDIL restarted after the appellate authority set aside a liquidation order pronounced by the National Company Law Tribunal. While rejecting the extension, the tribunal said lenders had not found a buyer for two years.

The National Company Law Appellate Tribunal gave an extension following a plea by homebuyers. While providing an extension, the appellate tribunal observed that the RP had received 25 expressions of interest when it explored a project-wise sale of the company.

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