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Bank of India files insolvency plea against real estate developer HDIL

Housing Development and Infrastructure, or HDIL, said Bank of India, one of its creditors, filed an insolvency plea to the National Company Law Tribunal against the company.

The debt-ridden real estate company said it is in the process of filing an appeal, according to an Aug. 20 stock exchange filing.

HDIL owes about 5.2 billion Indian rupees to Bank of India and had earlier agreed to settle it in tranches, Mint reported Aug. 20.

In June, the tribunal directed Housing Development and Infrastructure to pay 980 million rupees to Bank of India within four weeks.

Other public sector banks in India, including Syndicate Bank Ltd. and Corporation Bank, have also filed separate petitions against HDIL to recover their dues, the publication reported.

As of Aug. 20, US$1 was equivalent to 71.54 Indian rupees.