HDIL promoters pay Rs 3.22 cr to Indiabulls

Indiabulls has withdrawn loan default notices issued to the company promoters

Promoters of Housing Development Infrastructure Limited paid Rs 3.22 crore to Indiabulls Housing Finance Limited (IHFL) to regularise their loan account.

IHFL after the receipt of amount Rs 3, 22, 47,610 has withdrawn the notices issued to HDIL promoters Rakeshkumar Wadhawan and Sarang Wadhawan.

IHFL had issued the notices on July 19, 2013 under section 13(2) of the Secuiritization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

The promoters of HDIL had taken the loan in their personal capacity by keeping their Goa property as collateral. The loan account servicing was affected due to an oversight.

However, after paying the interest now the notices issued by lenders to HDIL promoters have been withdrawn.