Adani Properties Favorites To Acquire HDIL

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Adani Properties Favorites To Acquire HDIL

| Updated: March 4, 2022 09:51

Adani properties has expressed interest in bankrupt Housing Development Infrastructure Ltd (HDIL). According to the reports around eight companies have shown interest in the distressed company out of which Adani properties has emerged as a favorite to acquire HDIL.

Housing Development Infrastructure Ltd’s corporate insolvency and resolution process started after the National Company Law Tribunal did not extend the deadline for the process. The corporate insolvency process started again after an appellate tribunal order which was passed in January.   

As many as eight companies have shown interest in HDIL.The companies which have put their bids are B-Right Real Estate Ltd, Urban Affordable Housing LLP, Toscano Infrastructure Pvt Ltd, Sharda Construction & Corporation Ltd, Dev Land and Housing Ltd and Sharda Construction & Corporation Ltd. 

Adani properties have shown interest in HDIL’s land in BKC, Virar and Shahad whereas Toscano Infrastructure have shown interest in the residential project of HDIL Whispering Towers.B-Right and Sharda Construction have given two offers for the whole company.   

Important to note here is that, HDIL promoters are under investigation for a multi-crore scam. Rakesh Wadhawan and Sarang Wadhawan are accused of a scam which led to the collapse of Punjab & Maharashtra Co-operative Bank. 

Two claims by Adani Group companies worth Rs 285 crore and Rs 14,391 crore were not admitted by the resolution professional. 

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