Adani Properties Gets NCLT Nod to Acquire HDIL's Inspire BKC & Shahad Land

Adani Properties has received approval from the National Company Law Tribunal (NCLT) to acquire two assets of bankrupt developer HDIL—'Inspire BKC' in Bandra-Kurla Complex and a land parcel in Kalyan-Shahad—under the Insolvency and Bankruptcy Code (IBC). Adani was the sole bidder with an IBC-compliant proposal. The Inspire BKC plan, worth ₹3 crore, includes ₹2.85 crore for creditors. The Shahad land parcel had a fair value of ₹89.66 crore. Despite objections, both plans were approved under Section 31 of IBC, 2016, with 66.08% creditor support. HDIL, in insolvency since 2019 with over ₹7,789 crore liabilities, was split into 10 verticals. Adani will demerge the BKC project into a subsidiary and continue the Slum Rehabilitation Authority (SRA) agreement. The Shahad land deal involved Unity Small Finance Bank, whose valuation objections were overruled. Each plan carries a ₹5 crore performance guarantee.