Business Standard

HDIL insolvency: RP gets 16 resolution plans from 9 bidders

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

HDIL

Press Trust of India New Delhi
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.
In a regulatory filing, HDIL informed that "the Resolution Professional of the company has received sixteen resolution plans from nine Prospective Resolution Applicants (PRAs)."

However, one of the applicants has submitted the plan without the requisite earnest money deposit as required.
"The Resolution Professional is in the process of examining the resolution plans in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, and Regulations framed thereunder," the filing 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : HDIL

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First Published: Feb 18 2022 | 10:40 PM IST

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