Corporate

Adani Group shows interest to acquire HDIL

Adani

Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty are among six players which have shown initial interest to acquire HDIL through the insolvency resolution process. HDIL is under corporate insolvency resolution process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

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Adani Properties and Suraksha group had participated in the insolvency resolution process of Jaypee Infratech.

The invitation for expressions of interest (EOI) for resolution applicants was first published in February and subsequently revised several times.

International Asset Reconstruction Company, N S Software and Harsha Vardhan Reddy have also submitted the EOI, but were found ineligible, HDIL said.

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International Asset Reconstruction Company has not submitted the undertaking under section 29A of Insolvency and Bankruptcy Code (IBC) in the required format on stamp paper duly signed, stamped and notarised. It will become eligible once the required undertaking is furnished on or before August 8.

N S Software and Harsha Vardhan Reddy did not meet the criteria of having minimum net worth ( Rs 500 crore) or asset under management ( Rs2,000 crore) or committed funds ( Rs250 crore) at the end of March 2019.

“Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list i.e. by August 8, 2020.

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