HDIL’s Six Projects Receive Lenders’ Vote, Four On Liquidation Path
According to the Insolvency and Bankruptcy Code, a minimum of 66 per cent value of lenders must vote in its favour, for a resolution plan to get approved. A homebuyers’ claims of around Rs 900 crore and Rs 6,895 crore of financial creditors’ claims, has been admitted by the resolution professional
The real estate developer, Housing Development Infrastructure’s (HDIL) lenders voted for separate plans for six projects which includes a plan submitted by Adani Properties, revealed a stock exchange disclosure.
Along with Adani Properties, other for whom the lenders voted in favour of includes Project BKC and Shahad Maharal Lands, however, Dev Land and Housing Pvt Ltd won HDIL Tower.
Apart from this a consortium of Khyati Realtors and Dosti Realty Ltd won three projects being Majestic Towers, Whispering Towers and Premier Kurla, said the exchange notice by HDIL.
According to the Insolvency and Bankruptcy Code, a minimum of 66 per cent value of lenders must vote in its favour, for a resolution plan to get approved.
The plans received for the four verticals were not compliant, a resolution professional (RP) aware of the development informed the stock exchange during last week.
For the liquidation of aforementioned verticals, the RP will be filling with the bankruptcy court. These include Galaxy Apartments, Paradise City, Virar Land and the rest of the company.
Rakesh Kumar Wadhawan and his son Sarang Wadhawan are the promoters of HDIL. They have been accused of an alleged multi-crore scam which led to the collapse of Punjab and Maharashtra Co-operative Bank two years ago. This pulled then under a federal investigation.
A homebuyers’ claims of around Rs 900 crore and Rs 6,895 crore of financial creditors’ claims, has been admitted by the RP.
In February, the resolution process of HDIL had restarted, after a liquidation order pronounced by the National Company Law Tribunal was set aside by the appellate authority. At the time of rejecting the extension, the tribunal said that the lenders had not found a buyer for straight two years.
Following a plea by homebuyers, the National Company Law Appellate Tribunal served an extension. Meanwhile giving an extension, the appellate tribunal observed that the RP had received 25 expressions of interest when it went through a project-wise sale of the company.