Sunteck Realty, 24 Entities Bid for Bankrupt HDIL

Mumbai, Jan 3 (PTI) As many as 25 entities, including Sheth Developers and Sunteck Realty, have expressed interest to take over the bankrupt Housing Development and Infrastructure (HDIL).

According to a regulatory filing by HDIL on Wednesday, corporate insolvency resolution professional A N Manudhane has said 25 entities are the eligible prospective resolution applicants for the company.

In 2019, the National Company Law Tribunal (NCLT) admitted a petition by Bank of India against the company, which owed Rs 520 crore to the lender.

Entities that have expressed interest include Vikram Gaikwad, P Srinivas Reddy, Shyam Sunder Reddy and Ashok Reddy, as per the filing.

Among others are 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 invited expressions of interest for the debt-ridden company and the last date for submissions was December 16. Later, a provisional list of eligible entities was issued on December 26.