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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.

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