Adani, Sunteck and four other companies have shown interest in acquiring the debt laden HDIL, HDIL, is currently under Corporate Insolvency Resolution Process.
By Varun Singh
A total of six parties showed interest in acquiring the debt laden HDIL. HDIL is currently under Corporate insolvency resolution process. The details came out via a regulatory filing.
The six companies that submitted Expression of Interest for Resolution plan of HDIL includes. Adani Properties Private Limited, Suraksha Asset Reconstruction Limited, Sunteck Realty Limited, International Asset Reconstruction Company Private Limited, N S Software, Harsha Vardhan Reddy.
Expression of Interest (EOI) inviting Resolution Applicants was published on February 16, 2020 and subsequently revised on March 9, 2020, March 24, 2020, April 24 2020, May 16 2020 and July 22, 2020. Submission of EOI was closed on July 31 2020.
The Resolution Professional received six EOI from interested parties. Of which, Adani, Suraksha and Sunteck were found eligible.
While, N S Software and Reddy were found ineligible. International Asset Reconstruction Company Private Limited has not submitted the undertaking under section 29A of IBC in the required format on Stamp paper duly signed, stamped and notarized. They will become eligible once the required undertaking is submitted on or before August 8, 2020.
The Eligibility Criteria included Minimum Net worth (Rs 500 Crores) /Assets Under Management (Rs 2,000 Crores)/ Committed Fun (Rs 250 Crores) as on March 31, 2019.
Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list i.e. by August 8, 2020 by sending an e‐mail on firstname.lastname@example.org.
After considering the objections, if any, received by the Resolution Professional, final list of Prospective Resolution Applicants (PRAs) will be published. The final list will also be uploaded on the website of the HDIL.
HDIL is under Corporate Insolvency Resolution Process 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 appointed by National Company Law Tribunal, Mumbai Bench, Mumbai.
Several home buyers are stuck after they invested in the properties being built by HDIL. They had become further wary after HDIL’s name cropped up in the PMC Bank Scam.
Many home buyers are hopeful that the stuck projects might move and things would work in their favour if big companies with sufficient fund come in.