HDIL extends fall as NCLT admits Union Bank of India's plea against arm

The stock slipped 7% to Rs 77, extending its Thursday's 3% decline on BSE.

Housing Development & Infrastructure (HDIL)  slipped 7% to Rs 77, extending its Thursday’s 3% decline on BSE, after the real estate developer said that the National Company Law Tribunal (NCLT) has admitted Union Bank of India’s plea against subsidiary.

“The National Company Law Tribunal has admitted an application from Union Bank of India for its wholly-owned subsidiary Guruashish Constructions Private Ltd under the Insolvency and Bankruptcy Code,” HDIL said in BSE filing.

NCLT had appointed insolvency resolution professionals to carry out the functions, it added.

The company will file a reply and take appropriate measures, as and