Adani Properties is Leading the Battle to Acquire HDIL

As per real estate sources in Mumbai, Adani Properties is the frontrunner among eight resolution applications for insolvent real estate company Housing Development Infrastructure Ltd (HDIL).

Sharda Constructions & Corporation Ltd, B-Right Real Estate Ltd, Urban Affordable Housing LLP, Toscano Infrastructure Pvt Ltd, and Dev Land and Housing Ltd are among the other applicants, according to the individuals.

HDIL's resolution procedure resumed last month after an appeal panel reversed a September judgement by the National Company Law Tribunal (NCLT) refusing to extend the deadline for completing the Corporate Insolvency and Resolution Process (CIRP).

Adani Properties made an offer in mid-February for land in Virar and Shahad, as well as a BKC project, one of the persons said. Sharda Construction and B-Right have each made a separate bid for the firm in its entirety. Dev Land has submitted a proposal for HDIL Towers, while Toscano Infrastructure has submitted an offer for Mulund's Whispering Towers.

As per real estate insiders- Adani properties has filed a Rs 285 crore claim, while an Adani associate, Budhpur Buildcon, has submitted a Rs 14,391 crore claim. The resolution professional did not acknowledge either claim.

This acquisition, if it happens, would surely be a very huge one in The Mumbai real estate industry.