State-owned HUDCO today said it has recovered a substantial amount of Rs 317 crore in an old loan default case as against the dues of about Rs 470 crore at the end of the last fiscal.
In a regulatory filing, HUDCO informed that "an old default case of a borrower has been substantially resolved after prolonged litigation, where HUDCO has received an amount of Rs 317 crore, against the dues of Rs 469.38 crore as on March 31, 2018."
The company did not disclose the name of the borrower.
However, sources said that the company had given about Rs 75 crore loan during 1995-98 to Maharaji Educational Trust for setting up of a college in Ghaziabad.
HUDCO had earlier received about Rs 25 crore and now will make efforts to recover the balance dues, they added.
Housing and Urban Development Corporation (HUDCO) provides loans for housing and urban infrastructure projects.
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