Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty are among six players which have shown initial interest to acquire HDIL through the insolvency resolution process, according to a regulatory filing. HDIL is under corporate insolvency resolution process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Its affairs, business and assets are being managed by resolution professional, Abhay N Manudhane, appointed by National Company Law Tribunal, Mumbai Bench.
Adani Properties and Suraksha group had participated in the insolvency resolution process of Jaypee Infratech.
In a regulatory filing, debt-laden HDIL shared the provisional list of prospective resolution applicants.
The invitation for expressions of interest (EOI) for resolution applicants was first published in February and subsequently revised several times.
“Submission of EOI was closed on July 31, 2020. The Resolution Professional has received 6 (six) EOI from interested parties,” the filing said.
International Asset Reconstruction Company, N S Software and Harsha Vardhan Reddy have also submitted the EOI, but were found ineligible, HDIL said.
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 August 8.
N S Software and Harsha Vardhan Reddy did not meet the criteria of having minimum net worth ( ₹500 crore) or asset under management ( ₹2,000 crore) or committed funds ( ₹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 August 8, 2020.
“After considering the objections, if any, received by the Resolution Professional, final list of prospective resolution applicants (PRAs) will be published,” the filing said.
At present, promoters of HDIL Rakesh and Sarang Wadhawan are in jail for alleged involvement in the multi-crore Punjab & Maharashtra Cooperative Bank (PMC Bank) scam case.
