HDIL

The National Company Law Tribunal (NCLT) has approved the resolution plans of Adani Properties for two HDIL assets, including Project BKC in Bandra Kurla Complex and Shahad Maharal Lands in Thane district as part of its insolvency process. This was part of the corporate insolvency resolution process (CIRP), with Adani Properties being the sole bidder meeting the Insolvency and Bankruptcy Code (IBC) requirements for the two assets of Housing Development and Infrastructure Limited (HDIL). The Mumbai bench of NCLT approved the resolution plans under Section 31 of the IBC, 2016, on June 27. The committee of creditors (CoC) had cleared both plans, which are valued at over Rs 2,000 crore, with a 66.08 per cent voting share in November 2022. Initially, HDIL's resolution professional sought interest in resolving the entire company in February 2020, but received no proposals. Due to unfinished residential properties, the National Company Law Appellate Tribunal (NCLAT) allowed a project-wis

The CBI has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in a new bank fraud case involving an amount of Rs 140 crore pertaining to their subsidiary Guruashish Construction, officials said on Thursday. The fresh action was initiated on a complaint from the Union Bank of India against the businessmen who are embroiled in a Rs-4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, they said. The bank has alleged that Guruashish Construction was a wholly-owned subsidiary of Housing Development and Infrastructure Limited (HDIL) engaged in the real estate business in Mumbai. The Wadhawans were booked by the Central Bureau of Investigation (CBI) in October 2020 in connection with a Rs 200 crore alleged loan fraud from Yes Bank and have been facing investigation by multiple agencies. They are also being probed by the Enforcement Directorate (ED) as part of another Prevention of Money Laundering Act case related to an alleged loan fraud at the PMC Bank involving

The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs 279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended Directors -- Rakesh Kumar Wadhawan and son Sarang Wadhawan.

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 appoin

Crisis-hit realty firm HDIL, which is facing insolvency proceedings, on Friday said its resolution professional has received 16 bids from nine applicants to acquire the company

ED said it has attached partly-paid compulsorily convertible preference shares worth Rs 233 crore of HDIL group companies in the alleged multi-crore-rupee PMC Bank fraud and money-laundering case

The bank had invited EoIs from eligible investors for investment/equity participation for its reconstruction

Searches conducted at residences, offices of Wadhawans

The three hotels have been identified by the agency as the Fab Hotels group and are located in Kailash Colony, East of Kailash and Kalkaji areas of the national capital

Suitors may prefer individual projects while bidding

The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31

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

"In view of our finding as aforesaid, no interference is called for against the impugned Order dated August 20, 2019. Therefore, Appeal fails," said the NCLAT bench

CBDT asks lender to deduct tax at source on notional interest paid

A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay High Court order

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The high court had set up a three-member committee for valuating and sale of encumbered assets of HDIL to expeditiously recover dues payable by the firm to PMC bank

The Wadhawans shall help the committee in valuation of HDIL's encumbered properties, the court said

These assets belong to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 6,500-crore scam at the cooperative lender

The court also said that the assets of HDIL and Wadhawans must be sold at the earliest in the interest of the PMC Bank and its depositors