DB Realty (DBR) and LIC Housing Finance (LIC) have arrived at a settlement and have executed a debt settlement agreement dated October 16, 2017.
Pursuant thereto, LIC has on October 16, 2017 withdrawn the application made by it in the National Company Law Tribunal (NCLT) Mumbai against DBR and the said application by LIC therefore stands disposed off as withdrawn. In view thereof there are no bankruptcy proceedings pending against the company.
DB Realty is a real estate development and construction company. The company is engaged in the construction of residential buildings/commercial complexes and activities connected and incidental thereto.