HDIL says lender withdraws default notice against promoters

MUMBAI (Reuters) - Housing Development and Infrastructure (HDIL) said on Monday Indiabulls Housing Finance has withdrawn default notices against its promoters after they paid the interest on a mortgage loan taken for personal use.

The promoters have paid Indiabulls 32.2 million rupees after they were issued a notice by the lender on July 19, the company said in a statement.

"We had taken the loan in our personal capacity keeping our Goa property as the loan's collateral," said Sarang Wadhawan, vice chairman and managing director, HDIL.

"The interest on the loan is now being paid, the account has been standardised and the lenders have withdrawn the notices issued to us," said Wadhawan.

On August 6 HDIL said its promoters had not paid interest on a mortgage loan taken for personal use and that they were working with the lenders to resolve the issue.

(Reporting by Aditi Shah; Editing by Gopakumar Warrier)