Subscribe for perks & to support LI

Your Interests & Preferences: Personalise your reading

Which best describes your role and/or interests?

I work in a law firm
I work for a company / in-house
I'm a litigator at the bar
I'm a law student
Aspiring law student
Save setting
Or click here to show more preferences...

I am interested in the following types of stories (uncheck to hide from frontpage)

Firms / In-House
Legal Education

Always show me: (overrides the above)

Exclusives & Editor's Picks

Website Look & Feel

Light Text on Dark Background

Save preferences

Note: Your preferences will be saved in your browser. You can always change your settings by clicking the Your Preferences button at the top of every page.

Reset preferences to defaults?

MDP for Andhra Bank’s insolvency petition against HDIL

“State-owned Andhra Bank has dragged Housing Development & Infrastructure to the National Company Law Tribunal (NCLT) in an insolvency petition because the Mumbai-based real estate developer failed to pay back Rs 55 crore invested by the bank in the company's non-convertible debentures (NCDs),” reported The Economic Times

MDP & Partners acted and represented Andhra Bank wherein the petition filed says that HDIL owes Rs 55 crores out of the original invested amount of Rs 100 crores in the year 2009, towards secured redeemable NCDs subscribed by Andhra Bank.

In addition to Andhra Bank, United Bank of India, Allahabad Bank, Yes Bank, Oriental Bank of Commerce, CBI, BOI, J & K Bank, UBI, UCO Bank, Punjab and Sind Bank had also invested an aggregate amount of Rs 980 crores in said Debentures, and the amount due is approximately Rs 226 crores.

Latest comments