associate sponsors

Llyod
HDFC

LIC Housing Finance withdraws NCLT plea against DB Realty

New Delhi: LIC Housing Finance has settled loan dispute with DB Realty and also withdrawn its application before the National Company Law Tribunal (NCTL) to start insolvency process against the builder for recovery of Rs31 crore debt.

Representational image. Reuters

Representational image. Reuters

In a filing with the BSE, DB Realty informed that the company and LIC Housing Finance have “arrived at a settlement and have executed a debt settlement agreement”. “Pursuant thereto, LIC has on 16 October withdrawn an application made by it in the NCLT Mumbai against DB Realty and the said application by LIC therefor stands disposed off as withdrawn,” the filing said.

DB Realty said that there are no bankruptcy proceedings pending against the company. LIC Housing Finance had filed an application before the NCLT to start insolvency process against DB Realty for recovery of Rs30.63 crore outstanding loan.

Earlier, DB Realty had said the company availed of Rs200 crore loan from LIC Housing Finance Ltd in January 2010 and out of that, Rs188 crore were disbursed to it. The developer had repaid Rs157.37 crore to LIC Housing Finance within 18 months from the disbursement and the balance loan outstanding remained at Rs30.63 crore.

In the Delhi-NCR property market, insolvency proceedings have started in Jaypee Infratech and Amrapali group company. The real estate sector is facing a multi-year demand slowdown, resulting in huge delays in delivery of flats, forcing buyers to go on protest at sites and file legal cases in courts. Many developers have defaulted in repayment of their bank loans.


Updated Date: Oct 18, 2017 15:38 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}