Rakesh Wadhwan, Director of HDIL, Loses Appeal Against Initiating Insolvency Proceedings

National Company Law Appellate Tribunal has upheld initiation of insolvency proceedings against real estate firm Housing Development and Infrastructure, rejecting company director Rakesh Wadhwan’s appeal against a bankruptcy court order, The Economic Times reported. A two-judge bench of NCLAT, headed by acting chairperson Justice Bansi Lal Bhat, on Monday said there was no need for interference with a National Company Law Tribunal order dated August 20, 2019. The Mumbai bench of NCLT had admitted the case under Section 7 of the Insolvency and Bankruptcy Code (IBC) after Bank of India approached it, claiming that HDIL had failed to repay its dues amounting to Rs 522 crore. That was the second time the bank had dragged the BSE-listed realtor to insolvency court after first initiating the process in 2018. Read more