Mumbai: LIC Housing Finance (LICHF) has filed an application at the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against DB Realty. The developer, in a notice to the stock exchange, said that the matter is pending in the NCLT and settlement talks are on between LICHF and DB Realty.
The application pertains to a Rs 200-crore loan availed by DB Realty from LICHF in 2010. Out of the sanctioned loan, Rs 188 crore was disbursed by LICHF. “Of the disbursed sum, Rs 157.4 crore was repaid by DB Realty to LICHF within 18 months from the date of disbursement. The balance loan outstanding is nearly Rs 31 crore,” said DB Realty.
DB Realty fell over 7% in intraday on Thursday as investors turned wary of the st…
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