NCLAT issues notice to Bank of India for encashing amount deposited by Wadhawan; lifts stay against formation of HDIL CoC
Updated : January 08, 2020 06:42 AM IST
The NCLAT also vacated its interim order dated September 26, 2019, staying the constitution of a 'Committee of Creditors', which paves the way for the corporate insolvency resolution process to now proceed.
Bank of India had filed an insolvency plea against the developer with the Mumbai bench of the NCLT after HDIL failed to repay dues worth Rs 522 crore.
HDIL had a debt of almost Rs 2,000 crore to a consortium of banks as of March 31, 2019.