The invitation for expressions of interest for resolution applicants was first published in February and subsequently revised several times.
Troubled real estate firm Housing Development and infrastructure (HDIL) has received six expressions of interest (EoIs) from suitors, including Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty. The bidders need to submit a final resolution plan by September 7, 2020. HDIL is undergoing insolvency proceedings at National Company Law Tribunal (NCLT), Mumbai. The real estate player owes Rs 6,840 to financial creditors.
The invitation for expressions of interest for resolution applicants was first published in February and subsequently revised several times. The window for the submission of EoI was closed on July 31, 2020. As per exchange filing by HDIL, EoIs from International Asset Reconstruction Company, NS Software and Harsha Vardhan Reddy have been declared ‘ineligible’. The eligibility criteria for bidders included minimum net worth of Rs 500 crore, among others. Adani Properties, Suraksha Realty and Sunteck Realty have been shortlisted as prospective resolution applicants after meeting eligibility criteria. Adani Properties and Suraksha group had earlier participated in the insolvency resolution process of Jaypee Infratech.
NCLT Mumbai had admitted HDIL for insolvency proceedings in August, 2019. The court had appointed Abhay N Manudhane as resolution professional (RP). At present, promoters of HDIL Rakesh and Sarang Wadhawan are in jail for alleged involvement in Punjab & Maharashtra Cooperative (PMC) Bank scam case. PMC Bank has admitted claims of Rs 1,845 crore from HDIL. Similarly, Bank of India has claims of Rs 566 crore and Yes Bank has Rs 495 crore claims towards HDIL.