Homebuyers’ fate hangs in balance as no bidders show interest in HDIL
Thousand of homebuyers’ fate hangs in balance as Housing Development and Infrastructure Limited (HDIL), the Mumbai-based infrastructure company, has not received any resolution plan till the last date of submission of plans on 7 January 2021.
The company has been undergoing Corporate Insolvency Resolution Process (CIRP) since August 2019.
The resolution professional A N Manudhane had informed the stock exchanges on 8 January 2021. In an exchange filing, the RP had said that the company has not received any Resolution Plans from any of the Prospective Resolution Applicants as on the last date for submission of Resolution Plans i.e. 7th January 2021. “We wish to inform you that any further decision in the matter of Corporate Insolvency Resolution Process of the Company will be taken by the Committee of Creditors at their next meeting. You are requested to kindly take the above on record. Further developments in this regard shall be intimated to your good offices on a regular basis,” the exchange filing said.
Also See: CIRP Status
Housing Development and Infrastructure Limited (HDIL), the company at the centre of PMC Bank scam, was dragged into insolvency proceedings after Bank of India filed an insolvency petition against the company in 2019. The company, which is a major real estate developer in Mumbai, owes around Rs 8,000 crore to different creditors. It also owes Rs 861 crore to thousand homebuyers.
The Central Bureau of Investigation has also booked two HDIL promoters – Rakesh and Sarang Wadhawan – for fraudulently taking Rs 200 crore loan from Yes Bank.
