Adani group, Suraksha, Sunteck Realty submit EOI to acquire debt-laden HDIL

HDIL is under corporate insolvency resolution process pursuant to the provisions of the IBC, 2016

Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty are among six players which have shown initial interest to acquire debt-laden HDIL through the insolvency resolution process, according to a regulatory filing.

Adani Properties and Suraksha group had participated in the insolvency resolution process of Jaypee Infratech, which eventually was acquired by the state-owned NBCC.

HDIL is under corporate insolvency resolution process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

In a regulatory filing, Housing Development and Infrastructure Ltd (HDIL) shared the provisional list of prospective resolution applicants.

The invitation for expressions of interest (EOI) for resolution applicants was first published in February and subsequently revised several times.

"Submission of EOI was closed on July 31, 2020. The Resolution Professional has received 6 (six) EOI from interested parties," the filing said.

International Asset Reconstruction Company, N S Software and Harsha Vardhan Reddy have also submitted the EOI, but were found ineligible.

International Asset Reconstruction Company has not submitted the undertaking under section 29A of Insolvency and Bankruptcy Code (IBC) in the required format on stamp paper duly signed, stamped and notarised. It will become eligible once the required undertaking is furnished on or before August 8.

N S Software and Harsha Vardhan Reddy did not meet the criteria of having minimum net worth (Rs 500 crore) or asset under management (Rs 2,000 crore) or committed funds (Rs 250 crore) at the end of March 2019.

"Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list i.e. by August 8, 2020.

"After considering the objections, if any, received by the Resolution Professional, final list of prospective resolution applicants (PRAs) will be published," the filing said.

Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane appointed by National Company Law Tribunal, Mumbai Bench, Mumbai, vide order dated August 20, 2019.

At present, promoters of HDIL Rakesh and Sarang Wadhawan are in jail for alleged involvement in the multi-crore rupee Punjab & Maharashtra Cooperative Bank scam case.