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HC Gives Vipul Three More Months To Repay Rs 25 crore To PNB Housing: Delhi

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The developer was supposed to pay the amount in March but could not do so because of the nationwide lockdown.

The Delhi High Court has given real estate developer Vipul Ltd three more months to pay Rs 25 crore to PNB Housing Finance Ltd as the mediation process could not be completed due to Covid-19 pandemic and disruption in physical functioning of courts caused by it.

The developer was supposed to pay the amount in March but could not do so because of the nationwide lockdown.

On May 20, PNB Housing Finance had taken possession of about 19 acres of land and 138 unsold units of a Gurgaon based project owned by Vipul Ltd because of the default by the developer on a Rs 377-crore loan.

The lender had sent a notice to the BSE-listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon.

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