Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues. "The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank," HDIL said in a BSE filing. HDIL reported 64 per cent increase in consolidated net profit to Rs 60.87 crore for the quarter ended September, as against Rs 37.03 crore in the year-ago period. Profit rose sharply as the company reported tax benefits of Rs 44.5 crore during the July-September quarter of the current fiscal.

Source: Economic Times November 16, 2017 08:26 UTC