In what is seen as another sign of impending economic crisis, the National Company Law Tribunal (NCLT) has ordered insolvency proceeding against the Mumbai based housing giant, Housing Development and Infrastructure Ltd (HDIL).
To run the insolvency process, the debt-ridden realty firm, has appointed Abhay Narayan Manudhane as the interim resolution professional (IRP) on Friday.
In a regulatory filing, HDIL has stated that the IRP has been appointed to carry out the functions as mentioned under Insolvency and Bankruptcy Code (IBC).
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