InvestorQ : Is it true that Adani and Sunteck is planning to take over HDIL?
sarah Leo made post

Is it true that Adani and Sunteck is planning to take over HDIL?

Answer
user profile image
vidhya Laxmi answered.
2 months ago


Actually there are around 6 players that have shown interest in taking over HDIL and that includes Adani Properties, Suraksha Asset Reconstruction and Sunteck Realty. It will be done through the insolvency resolution process, where HDIL has been referred to after a series of defaults on loans.

HDIL is also involved in the unsavoury PMC Bank default case. It may be recollected that Adani Properties and Suraksha participated Jaypee case too. HDIL is under corporate insolvency resolution process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

Submission of expression of interest or EOI closed on July 31, 2020 and the Resolution Professional confirmed that they have received 6 EOI from interested parties. At present, promoters of HDIL, Rakesh and Sarang Wadhawan, are in jail for involvement in the multi-crore rupee PMC Bank scam case. Almost 80% of the loan book of PMC bank was dedicated only to HDIL loans.