NCLT Excludes Worli Land Development Rights From HDIL's Assets, Cites 2013 Agreement Termination
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the resolution professional of Housing Development and Infrastructure Ltd (HDIL) to exclude development rights over a Worli-based property from the company’s pool of assets, holding that the underlying development agreement had been terminated before the commencement of insolvency proceedings. In an order pronounced…
The National Company Law Tribunal (NCLT) in Mumbai has excluded development rights over a Worli-based property from the assets of Housing Development and Infrastructure Ltd (HDIL), citing the termination of the underlying agreement in 2013. The development rights, stemming from an agreement signed in 2006, were deemed non-transferable as the development agreement itself had been terminated six years prior to the commencement of HDIL's insolvency proceedings.
The tribunal ruled that the resolution professional of HDIL could not protect these development rights under Section 14 of the Insolvency and Bankruptcy Code (IBC).
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