Cyril Amarchand Mangaldas Advised Adani Properties On Resolution Plans For HDIL Verticals
Cyril Amarchand Mangaldas Advised Adani Properties On Resolution Plans For HDIL Verticals
Cyril Amarchand Mangaldas acted as the legal counsel for Adani Properties Private Limited in connection with the approval of its resolution plans for two verticals of Housing Development and Infrastructure Limited (HDIL), a company undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016.
The National Company Law Tribunal (NCLT), Mumbai Bench, vide orders dated June 27, 2025, approved the resolution plans submitted by Adani for Vertical 5 (Bandra Kurla Complex – Inspire) and Vertical 9 (Kalyan Shahad land parcel) of HDIL. The approval was challenged by two financial creditors and the ex-promoter of HDIL, Mr. Rakesh Wadhawan.
Due to the absence of resolution plans for HDIL as a whole, the Committee of Creditors (CoC) made a commercial decision to resolve HDIL on a project/vertical-wise basis, which was upheld by the National Company Law Appellate Tribunal (NCLAT) in an order dated January 4, 2022.
Vertical 5 involves a slum rehabilitation project in BKC, Mumbai, spread across approximately 70,000 sq. meters, where HDIL was the developer appointed by the Slum Rehabilitation Authority (SRA). Under the approved plan, Adani has acquired the entire project.
Vertical 9 involves private land parcels in Shahad and Maharal, in Ulhasnagar Taluka, Thane District, Maharashtra, initially acquired by HDIL, and became part of the proceedings initiated by Punjab and Maharashtra Co-operative Bank under the SARFAESI Act, 2002.
Mr. Vikram Nankani, Senior Advocate, appeared on behalf of Adani.
The Cyril Amarchand Mangaldas team comprised Saloni Kapadia (Partner), Karan Gandhi (Senior Associate), and Tanvi Jain (Associate), and the matter was led under the guidance and supervision of L. Viswanathan (Senior Partner).
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