INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of real estate development company HDIL slipped over 2 per cent on Friday after Union Bank of India said the realty firm
has defaulted on Rs 143 crore loan settlement, ETNOW reported
The lender has re-filed insolvency plea against HDIL as the settlement failed
In an interaction with CNBC TV18, the company's management clarified it had approached Union Bank of India for an extension on loan
Andhra Bank payment has been entirely made, the management said.
According to a report by Livemint last month, Andhra Bank, one of the
lenders to the company, had withdrawn its insolvency case after the BSE-listed realty company agreed to pay Rs 40 crore in a
one-time-settlement agreement
HDIL, which at one point of time was the third-largest Indian real estate firm by market value, is facing several litigations from lenders
Another public sector bank, Jammu Kashmir Bank, has also filed an insolvency petition against HDIL in National Company Law Tribunal (NCLT),
According to Bloomberg data, in FY 2018, the company had a total debt of Rs 2,270 crore and had reported a profit of Rs 95 crore, while in
the year ago period the company had total debt of Rs 2,524 crore and had posted a profit of Rs 179 crore.
At 12:54 pm, shares of the company
were trading at Rs 24.60 apiece on BSE, down 0.40 per cent.
