Sunteck Realty, 24 other entities express interest for bankrupt HDIL

As many as 25 entities, including Sheth Developers and Sunteck Realty, have expressed interest to take over the bankrupt Housing Development and Infrastructure (HDIL).

According to a regulatory filing by HDIL on Wednesday, corporate insolvency resolution professional A N Manudhane has said 25 entities are the eligible prospective resolution applicants for the company.

In 2019, the National Company Law Tribunal (NCLT) admitted a petition by Bank of India against the company, which owed Rs 520 crore to the lender.

Entities that have expressed interest include Vikram Gaikwad, P Srinivas Reddy, Shyam Sunder Reddy and Ashok Reddy, as per the filing.

Among others are Sheth Developers, Sunteck Realty, Galaxy Apartment F Wing Welfare Association, Dev Land and Housing, Puma Realtors, Golden Dreams Buildcon, Metro Satyam Developers and Pegasus Ventures.

On December 1, 2023, Manudhane invited expressions of interest for the debt-ridden company and the last date for submissions was December 16. Later, a provisional list of eligible entities was issued on December 26.