NCLAT grants extension of 90 days for HDIL insolvency process

17 Jan 2022 CW Team

The National Company Law Appellate Tribunal (NCLAT) had set aside a National Company Law Tribunal (NCLT) order, granting 90 days extension for the corporate insolvency resolution process (CIRP) of Housing Development and Infrastructure Limited (HDIL) to enable the resolution professional (RP) and the committee of creditors (CoC) to complete resolution.

HDIL had received the CIRP after the Bank of India summoned the insolvency and bankruptcy code against the company. The process of resolution must be completed in 330 days.

The flat buyers association had requested the RP to undertake project-wise resolution, approved by the CoC, aiming to separate HDIL assets into eight projects.

NCLAT said that the company should be given reasonable time to complete 1,500 flats at Whispering heights in Kurla. The SC said that it is the interest of all the stakeholders for a corporate debtor to be back on its foot besides sending into liquidation.

The Whispering Tower Flat Owner Welfare Association and other associations, Majestic Towers in Bandra with 290 home buyers, Galaxy Apartment, and Sarang Wadhawan, the ex-promoter of HDIL, had moved the NCLAT against the order of NCLT Mumbai, which rejected the insolvency extension filed by Abhay Manudhane, RP of HDIL, stating that the CoC had passed the resolution under the pressure of home buyers.

Advocates for Whispering Tower, Majestic Towers and Wadhawan, Soumya Sanyal, Sunil Fernandes and Disha Shah, respectively, sought the NCLT order. It closed the resolution process and ordered the housing projects of HDIL to be liquidated, from which many home buyers get nothing.

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