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Six companies evince interest to acquire HDIL

Tuesday, 04 Aug 2020
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Six companies including Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty have shown initial interest to acquire debt-laden Housing Development & Infrastructure (HDIL) through the insolvency resolution process. 
Adani Properties and Suraksha Group had participated in the insolvency resolution process of Jaypee Infratech, which eventually was acquired by the state-owned NBCC. 
HDIL is under corporate insolvency resolution process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code (IBC) 2016. 
The invitation for expressions of interest (EoI) for resolution applicants was first published in February 2020 and subsequently revised several times. The submission of EoI was closed on 31 July 2020. The Resolution Professional has received six EoI from interested parties. 
International Asset Reconstruction Company, N S Software and Harsha Vardhan Reddy have also submitted the EOI, but were found ineligible. 
International Asset Reconstruction Company has not submitted the undertaking under section 29A of Insolvency and Bankruptcy Code (IBC) in the required format on stamp paper duly signed, stamped and notarised. It will become eligible once the required undertaking is furnished on or before 8 August 2020. 
N S Software and Harsha Vardhan Reddy are unlikely meet the criteria of having minimum net worth (Rs 500 crore) or asset under management (Rs 2,000 crore) or committed funds (Rs 250 crore) at the end of March 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 8 August 2020. 
Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane appointed by the National Company Law Tribunal, Mumbai Bench, Mumbai, vide order dated 20 August 2019.
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