State-owned Andhra Bank has dragged Housing Development & Infrastructure (HDIL) to the National Company Law Tribunal (NCLT) in an insolvency petition because the Mumbai-based real estate developer failed to pay back Rs 55 crore invested by the bank in the company’s non-convertible debentures (NCDs).
The petition filed by law firm MDP & Partners on behalf of Andhra Bank says that the bank is yet to receive Rs 55 crore out of Rs 100 crore it had invested total in HDIL’s NCDs in 2009.
Nishit Dhruva, managing partner at MDP, said the petition will come up for hearing in the first week of November. We have served notice to the company and the petition has been accepted by NCLT earlier this month, Dhruva said.
In addition to Andhra Bank…
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