The case involves three appeals filed against the same judgment dated 29.09.2021 by the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected I.A. No. 2118 of 2021. This application sought an extension of the Corporate Insolvency Resolution Process (CIRP). The appeals were filed by various homebuyers' associations and an ex-promoter/director of the corporate debtor, Housing Development & Infrastructure Limited (HDIL). The CIRP was initiated based on an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor, a real estate company, had launched several housing projects. After the admission of the application under Section 7, an Interim Resolution Professional was appointed and later approved
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Housing Development & Infrastructure Limited (HDIL) based on an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority approved the initiation on August 20, 2019. The CIRP was initiated because HDIL, a real estate company, defaulted on its financial obligations. The CIRP period was to end on September 15, 2021, extendable to September 30, 2021. The Resolution Professional (RP) sought an extension of the CIRP period, which was rejected by the Adjudicating Authority on September 29, 2021. The Committee of Creditors (CoC) approved a project-wise resolution strategy on September 8, 2021, dividing HDIL's assets into eight projects.
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Corporate Insolvency Resolution Process (CIRP)…
After admission of the Application under…
The case involves three appeals filed against the same judgment dated 29.09.2021 by the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected I.A. No. 2118 of 2021. This application sought an extension of the Corporate Insolvency Resolution Process (CIRP). The appeals were filed by various homebuyers' associations and an ex-promoter/director of the corporate debtor, Housing Development & Infrastructure Limited (HDIL). The CIRP was initiated based on an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor, a real estate company, had launched several housing projects. After the admission of the application under Section 7, an Interim Resolution Professional was appointed and later approved
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Housing Development & Infrastructure Limited (HDIL) based on an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority approved the initiation on August 20, 2019. The CIRP was initiated because HDIL, a real estate company, defaulted on its financial obligations. The CIRP period was to end on September 15, 2021, extendable to September 30, 2021. The Resolution Professional (RP) sought an extension of the CIRP period, which was rejected by the Adjudicating Authority on September 29, 2021. The Committee of Creditors (CoC) approved a project-wise resolution strategy on September 8, 2021, dividing HDIL's assets into eight projects.
…Corporate Insolvency Resolution Process (CIRP)…
After admission of the Application under…