The National Company Law Tribunal (NCLT) has approved Adani Properties resolution plans for two HDIL assets as part of the ongoing insolvency process. The approved assets are Project BKC in the Bandra Kurla Complex of Mumbai and the Shahad Maharal lands in Thane district. This was part of the corporate insolvency resolution process (CIRP) with  being the sole bidder meeting the Insolvency and Bankruptcy Code (IBC) requirements for the two assets of Housing Development and Infrastructure Limited (HDIL). The Mumbai bench of NCLT approved the resolution plans under Section 31 of the IBC 2016 on June 27. The committee of creditors (CoC) had cleared both plans which are valued at over Rs 2000 crore with a 66.08 per cent voting share in November 2022. HDILs First Bid For Resolution Failed Initially HDILs resolution professional sought interest in resolving the entire company in February 2020 but received no proposals. Due to unfinished residential properties the National Company Law Appellate Tribunal (NCLAT) allowed a project-wise resolution plan. Home buyers sought a stay on liquidation proceedings and a consideration of project-wise resolution after which CoC authorised the RP to explore project-wise resolution. HDIL Insolvency Process The resolution amount for the BKC project is Rs 3 crore while the resolution amount for Shahad Maral project is Rs 64 crore. HDIL has been undergoing insolvency since August 2019 with liabilities of around Rs 7800 crores. Adani Properties is owned by the Adani Group. Adani Groups Founder and Chairman Gautam Adani is the primary owner of the company. (With Inputs From PTI)