Indiabulls withdraws notice served on HDIL promoters

The loan account servicing was affected due to an oversight, says HDIL promoters

Following notice by Indiabulls Housing Finance to promoters of realty company HDIL last month on default of loans, HDIL promoters today said Indiabulls has withdrawn the notice against them following payment of Rs 3.22 crore interest dues by them. 

 

HDIL promoters said they have paid Rs 3.22 crore as interest to the former and regularised the loan account. The total loan amount due was about Rs 46 crore. 

 

In the notice, Indiabulls declared Rakeshkumar Kuldipsingh Wadhawan and Sarang Wadhawan as loan defaulters. Their loan accounts have been classified as non-performing asset.Indiabulls had issued the notices on July 19, 2013under section 13(2) of the Secuiritization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

 

"The promoters of HDIL had taken the loan in their personal capacity by keeping their Goa property as the loan’s collateral. The loan account servicing was affected due to an oversight. However, after paying the interest now the notices issued by lenders to HDIL promoters have been withdrawn," HDIL promoters said in a release.