September 2, 2019

Economy in crisis: Housing giant HDIL sinks, insolvency proceeding begins

In what is seen as a sign of impending economic crisis, the Mumbai based housing giant, Housing Development and Infrastructure Ltd (HDIL) has gone insolvent.

The National Company Law Tribunal (NCLT) has ordered insolvency proceeding against the company, following which, the HDIL has appointed Abhay Narayan Manudhane as the interim resolution professional (IRP) to run the insolvency process on Friday.

In a regulatory filing, HDIL has stated that the IRP has been appointed to carry out the functions as mentioned under Insolvency and Bankruptcy Code (IBC).

Earlier this month, the National Company Law Tribunal (NCLT) had admitted an application filed by Bank of India to initiate insolvency proceedings against debt-ridden realty firm HDIL.


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