According to a recent regulatory filing, HDIL has received interest from 25 entities, including prominent names like Sheth Developers and Sunteck Realty, in its bankruptcy resolution process. The entities expressing interest, which include individuals and corporate entities, have been confirmed as eligible by the corporate insolvency resolution professional. HDIL faced insolvency troubles in 2019 when a petition by Bank of India citing a debt of Rs 520 crore was accepted by the National Company Law Tribunal (NCLT). The resolution process has attracted attention from established entities, indicating industry interest in reviving HDIL's fortunes. The next steps involve evaluating submissions and selecting a resolution applicant.
In a recent regulatory filing by Housing Development and Infrastructure Limited (HDIL), it was revealed that 25 entities, including notable names like Sheth Developers and Sunteck Realty, have expressed interest in acquiring the bankrupt company. Corporate insolvency resolution professional A N Manudhane confirmed the eligibility of these entities as prospective resolution applicants.
The list of entities expressing interest features individuals such as Vikram Gaikwad, P Srinivas Reddy, Shyam Sunder Reddy, and Ashok Reddy, as outlined in the filing. Additionally, corporate entities like Sheth Developers, Sunteck Realty, Galaxy Apartment F Wing Welfare Association, Dev Land and Housing, Puma Realtors, Golden Dreams Buildcon, Metro Satyam Developers, and Pegasus Ventures are also among the interested parties.
The insolvency troubles for HDIL trace back to 2019 when the National Company Law Tribunal (NCLT) accepted a petition filed by Bank of India against the company, citing a debt of Rs 520 crore. In a move to resolve the financial issues, A N Manudhane, the corporate insolvency resolution professional, initiated a call for expressions of interest on December 1, 2023. The deadline for submissions was set for December 16, marking a crucial step in the resolution process.
Following this, on December 26, a provisional list of eligible entities was released by Manudhane, reaffirming the interest from 25 entities, including the aforementioned individuals and corporate entities. This development underscores the active pursuit of resolution and acquisition opportunities in the real estate sector.
The participation of established entities like Sheth Developers and Sunteck Realty indicates a broader industry interest in reviving the fortunes of HDIL. As the insolvency resolution progresses, stakeholders closely monitor the proceedings. The next steps will include a thorough evaluation of the submissions and the potential selection of a resolution applicant, marking a critical juncture in the fate of HDIL.
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