BoI to withdraw plea against?HDIL in NCLT

In a major relief to Housing Development and Infrastructure Ltd (HDIL), Bank of India (BoI) on Tuesday said it will withdraw the insolvency petition against the Mumbai-based property developer. The company and its lender informed a dedicated bankruptcy court in the city that they have reached a settlement formula under which HDIL will repay the bank in instalments and clear all dues by August 2019. Earlier in the day, the builder had informed the tribunal that it will repay the bank’s dues through its own funds. Bank of India is seeking to recover ?511 crore from the realty company. “HDIL will repay its dues through structured payments and the lender has accepted the offer,” the Bank of India counsel told a division bench of the National Company Law Tribunal on behalf of both parties. “The real-estate firm is also working out on a settlement term with another public sector lender, Jammu & Kashmir Bank Ltd, and the company will be able to pay by 15 November.” HDIL owes about ?60 crore to Jammu & Kashmir Bank.