Adani Group, Suraksha ARC, Sunteck Realty Submit Expressions Of Interest To Acquire HDIL

Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty are among six players that have shown initial interest to acquire debt-laden HDIL through the insolvency resolution process, according to a regulatory filing.

Adani Properties and Suraksha Group had participated in the insolvency resolution process of Jaypee Infratech, which eventually was acquired by state-owned NBCC.

Housing Development and Infrastructure Ltd. is under corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. The invitation for expressions of interest for resolution applicants was first published in February and subsequently revised several times.

In a regulatory filing, HDIL shared the provisional list of prospective resolution applicants. "Submission of EOI was closed on July 31, 2020. The Resolution Professional has received 6 EOI from interested parties," the filing said.

International Asset Reconstruction Company, NS Software and Harsha Vardhan Reddy have also submitted the EOI, but were found ineligible.

International Asset Reconstruction Company had not submitted the undertaking under section 29A of the IBC in the required format on stamp paper duly signed, stamped and notarised. It would become eligible once the required undertaking is furnished on or before August 8.

NS Software and Harsha Vardhan Reddy did not 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.

HDIL’s affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane appointed by National Company Law Tribunal, Mumbai Bench, vide order dated August 20, 2019.

At present, promoters of HDIL Rakesh and Sarang Wadhawan are in jail for alleged involvement in the Punjab and Maharashtra Cooperative Bank scam case.