“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
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.