NCLT allows HDIL four weeks to pay98 cr to BOI
The National Company Law Tribunal Tuesday allowed Housing Development and Infrastructure Ltd (HDIL) four weeks time to pay Rs 98 crore to Bank of India or face insolvency proceedings. Mumbai-based HDIL owes about Rs 520 crore to Bank of India (BoI) and it had agreed to pay in tranches to the lender. The tribunal Tuesday directed HDIL to clear Rs 98 crore dues in four weeks to BoI as per the agreed terms or be ready to face the consequences. HDIL has so far paid Rs 95 crore to BoI, but later defaulted and there was no possibility of any payment.
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