New Delhi: Debt-ridden Housing Development and Infrastructure Limited (HDIL) informed the stock exchanges on Tuesday that it will face insolvency proceedings under the provision of the Insolvency and Bankruptcy Code (IBC) in keeping with an order passed by the National Company Law Tribunal (NCLT).
The NCLT order came in response to a plea filed by HDIL’s lender, Bank of India, to which it owes over Rs 520 crore.
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HDIL plans to challenge the order
“Housing Development and Infrastructure Limited, (the ‘Company’) has been admitted under the provisions of The Insolvency Bankruptcy Code, 2016 in term of order dated August 20, 2019, passed by Hon’ble National Company Law Tribunal, Special Bench (‘NCLT’), pursuant to an application filed by the Bank of India under Section 7 of IBe,” the company said in a release to the stock exchange.
However, the company also said that it plans to challenge the NCLT order and will soon file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the order.
Recent media reports had quoted Ocean Deity Investment Holdings as alleging in a complaint to the RBI that Yes Bank and realty major HDIL had moved funds to evergreen loans between March 2014 and March 2016.
The company had also received flak from the Mumbai Slum Rehabilitation Authority (SRA) for not complying with regulations and issuing flats without proper certifications.