HDIL To Be Tried For Insolvency Again

New Delhi: Insolvency plea has been admitted by a dedicated bankruptcy court against Mumbai-based realty player Housing Development & Infrastructure (HDIL) after Bank of India moved the court for recovery of Rs 522 crore dues from the realty fir, according to a news report by Economic Times.  

Apart from Bank of India, the developer also faces resolution pleas by Syndicate Bank, Corporation Bank, Indian Bank and Dena Bank.

Bank Of India had filed the plea in the Mumbai bench of the National Company Law Tribunal(NCLT) against HDIL. The plea was admitted on Tuesday in an oral order.

Similar please were filed by Andhra Bank and Jammu & Kashmir Bank last year but were settled by HDIL.

A number of realty players, especially in north India, are dealing with legal issue after similar pleas have been filed against them by lenders and even home buyers.