Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

Andhra Bank withdraws insolvency petition against HDIL

"The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank," HDIL said in a BSE filing.

November 16, 2017 / 02:14 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues.

"The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank," HDIL said in a BSE filing.

The Mumbai-based developer did not disclose the amount it has paid and the dues still owed to the bank.

HDIL reported 64 per cent increase in consolidated net profit to Rs 60.87 crore for the quarter ended September, as against Rs 37.03 crore in the year-ago period.

Total income, however, fell to Rs 163.07 crore in the second quarter of the current fiscal, from Rs 223.26 crore a year ago.

Profit rose sharply as the company reported tax benefits of Rs 44.5 crore during the July-September quarter of the current fiscal.

PTI
first published: Nov 16, 2017 02:08 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347