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NCLAT grants 90 days extension for insolvency resolution of HDIL

Times of India  

In a relief to an association formed by home buyers of flats to be built by Housing Development and Infrastructure Ltd (HDIL) in a project called ‘Whispering Heights' and other buildings at Kurla, the NCLAT has set aside a NCLT order of September 2021 and granted 90 days extension to a resolution profession in the corporate insolvency resolution process (CIRP) of HDIL. The CIRP was initiated against HDIL after Bank of India invoked the IBC against the developer in 2019. The NCLAT said reasonable time should be given to ensure projects get completed as 1,500 flats were proposed to be built.