NCLT Ad­mits In­sol­vency Plea Against HDIL Arm

The Economic Times - - Companies: Pursuit Of Profit - Our Bu­reau

Mumbai: The Na­tional Com­pany Law Tri­bunal (NCLT) has ad­mit­ted Union Bank of In­dia’s in­sol­vency plea against Gu­ru­ashish Con­struc­tions, a wholly-owned sub­sidiary of Hous­ing De­vel­op­ment and In­fra­struc­ture (HDIL), the re­alty de­vel­oper said in a reg­u­la­tory no­tice.

This is one of the first in­stances of a real es­tate com­pany be­ing dragged to the in­sol­vency court by a lender. An In­sol­vency Res­o­lu­tion Pro­fes­sional (IRP) for the mat­ter has al­ready been ap­pointed. “The com­pany will file an apt re­ply and will take an ap­pro­pri­ate mea­sure, as and where re­quired in the pro­ceed­ings with the Tri­bunal and the Ap­pel­late Au­thor­i­ties,” HDIL said in a no­tice to BSE.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.