Sheth Developers, Sunteck Realty in race to acquire of bankrupt HDIL

08 Jan 2024 CW Team

Up to 25 entities, including Sheth Developers and Sunteck Realty, have shown interest in acquiring the insolvent Housing Development and Infrastructure (HDIL).

According to a regulatory filing by HDIL, A N Manudhane, the corporate insolvency resolution professional, stated that 25 entities qualify as prospective resolution applicants for the company.

In 2019, the National Company Law Tribunal (NCLT) accepted a petition from Bank of India against HDIL, which had a debt of Rs 5.2 billion to the lender.

Among those expressing interest are Vikram Gaikwad, P Srinivas Reddy, Shyam Sunder Reddy, and Ashok Reddy, as mentioned in the filing.

Other interested entities comprise Sheth Developers, Sunteck Realty, Galaxy Apartment F Wing Welfare Association, Dev Land and Housing, Puma Realtors, Golden Dreams Buildcon, Metro Satyam Developers, and Pegasus Ventures.

On December 1, 2023, Manudhane called for expressions of interest for the financially distressed company, with the submission deadline set for December 16. Subsequently, a provisional list of eligible entities was released on December 26.

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