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LIC Housing Finance has settled loan dispute with DB Realty and also withdrawn its application before the National Company Law Tribunal to start insolvency process against the builder for recovery of Rs 31 crore debt.
"Pursuant thereto, LIC has on October 16 withdrawn an application made by it in the National Company Law Tribunal (NCLT) Mumbai against DB Realty and the said application by LIC therefor stands disposed off as withdrawn," the filing said.
DB Realty said that there are no bankruptcy proceedings pending against the company.
In the Delhi-NCR property market, insolvency proceedings have started in Jaypee Infratech and Amrapali group company.
The real estate sector is facing a multi-year demand slowdown, resulting in huge delays in delivery of flats, forcing buyers to go on protest at sites and file legal cases in courts.
Many developers have defaulted in repayment of their bank loans.