HDIL to face IBC proceedings, says will challenge NCLT order
Insolvency proceedings have been initiated against many real estate developers, including Jaypee Infratech, mainly because of default in loan repayment to banks as well delivery of flats to home buyers.:
Debt-ridden Housing Development and Infrastructure (HDIL) August 20 said the company will face insolvency proceedings under the provisions of the Insolvency and Bankruptcy Code (IBC) as per an order passed by the National Company Law Tribunal (NCLT).
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