NCLAT stays formation of HDIL committee of creditors

In a partial relief to listed realty developer Housing Development & Infrastructure Ltd (HDIL), the National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the constitution of a committee of its creditors. A division bench presided over by Justice SJ Mukhopadhaya and also comprising justice AIS Cheema and technical member Kanthi Narahari directed HDIL’s lead lender, Bank of India, to file its reply to the realty firm’s plea, challenging the National Company Law Tribunal’s order to commence corporate insolvency resolution process against it. The bank has to file the response within 10 days and the appellate tribunal will hear the matter next on September 26.