NCLT Admits Insolvency Plea Against HDIL Arm
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.