Interim Resolution Professional Appointed For HDIL’s Insolvency Proceedings
Locked rusty metal gates seal the grounds of the disused community hall. (Photographer: Waldo Swiegers/Bloomberg)

Interim Resolution Professional Appointed For HDIL’s Insolvency Proceedings

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Debt-ridden realty firm Housing Development & Infrastructure Ltd. on Friday said Abhay Narayan Manudhane has been appointed as interim resolution professional (IRP) to run the insolvency proceedings that has been ordered against the company.

In a regulatory filing, HDIL said the IRP has been appointed to carry the functions as mentioned under Insolvency and Bankruptcy Code.

Earlier this month, the National Company Law Tribunal had admitted an application filed by Bank of India to initiate insolvency proceedings against debt-ridden realty firm HDIL.

The Mumbai-based developer had said the company would file an appeal to the National Company Law Appellate Tribunal against the order passed by the NCLT.

Insolvency proceedings have been initiated against many real estate developers, including Jaypee Infratech, mainly because of default in loan repayment to banks as well as delivery of flats to homebuyers.

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