HDIL insolvency: Financial creditors to meet on March 9-10 to discuss bids

Financial creditors of HDIL will meet on March 9-10 to discuss bids for acquiring the crisis-hit realty firm through insolvency proceedings.

In a regulatory filing on Saturday, HDIL's Resolution Professional Abhay N Manudhane informed that the "Twenty-Third meeting of Committee of Creditors will be held on 9th March 2022 and shall continue on 10th March 2022."

The filing did not mention about the agenda of the meeting.

Last month, HDIL had informed that its resolution professional has received 16 bids from nine applicants to acquire the company.

"The Resolution Professional of the company has received sixteen resolution plans from nine Prospective Resolution Applicants (PRAs), HDIL had said.

Housing Development and Infrastructure Ltd (HDIL) is under Corporate Insolvency Resolution Process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016.

Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane, who was appointed by National Company Law Tribunal (NCLT), Mumbai, through an order dated August 20, 2019.

The Mumbai bench of NCLT had directed to initiate insolvency proceedings against HDIL, after allowing the plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.