Resolution professional gets 16 bids from 9 bidders to acquire HDIL

21 Feb 2022 CW Team

On Friday. Crisis-hit realty company Housing Development and Infrastructure Limited (HDIL), which is facing insolvency proceedings, told the media that its resolution professional obtained 16 bids from nine applicants to acquire the firm.

In a regulatory filing, HDIL notified that the Resolution Professional of the company has obtained sixteen resolution plans from nine Prospective Resolution Applicants (PRAs). But, one of the applicants has presented the proposal without the requisite earnest money deposit as needed.

The Resolution Professional is in the process of reviewing the resolution plans according to the conditions of the Insolvency and Bankruptcy Code, 2016, and Regulations framed thereunder.

Housing Development and Infrastructure Ltd (HDIL) is under Corporate Insolvency Resolution Process (CIRP) according to the requirements of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane, who was appointed by National Company Law Tribunal (NCLT), Mumbai, via an order dated August 20, 2019.

The Mumbai bench of NCLT had ordered to initiate insolvency proceedings against HDIL after permitting the plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.

Also read: Suraksha Group to acquire Jaypee Infratech through insolvency

Infrastructure Urban

16 May 2025

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Infrastructure Urban

16 May 2025

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Infrastructure Urban

16 May 2025

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..