HDIL reaches settlement with Bank of India over dues worth Rs 5.11 bn

Bank of India accepted HDIL's structured payment plan to pay Rs 5.1 billion in one year's time

Housing Development and Infrastructure Ltd (HDIL) has worked out an out-of-court settlement with its main lender, Bank of India, over outstanding dues worth Rs 5.1 billion. 

Bank of India accepted HDIL's structured payment plan to repay the total debt amount in one year's time. HDIL has thus managed to avoid corporate insolvency proceedings against it. 

As of FY2018, HDIL had a total debt of Rs 22.7 billion.

Back in July, Andhra Bank, one of the company's lenders, withdrew the insolvency case it had filed against HDIL as the latter agreed to pay Rs 400 million in a one-time-settlement agreement. 

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