Latest News | HDIL Insolvency: RP Gets 16 Resolution Plans from 9 Bidders

New Delhi, Feb 18 (PTI) Crisis-hit realty firm HDIL, which is facing insolvency proceedings, on Friday said its resolution professional has received 16 bids from nine applicants to acquire the company.

In a regulatory filing, HDIL informed that "the Resolution Professional of the company has received sixteen resolution plans from nine Prospective Resolution Applicants (PRAs)."

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However, one of the applicants has submitted the plan without the requisite earnest money deposit as required.

"The Resolution Professional is in the process of examining the resolution plans in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, and Regulations framed thereunder," the filing said.

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Housing Development and Infrastructure Ltd (HDIL) is under Corporate Insolvency Resolution Process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016.

Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane, who was appointed by National Company Law Tribunal (NCLT), Mumbai, through an order dated August 20, 2019.

The Mumbai bench of NCLT had directed to initiate insolvency proceedings against HDIL, after allowing the plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)