LIC withdraws insolvency case against DB Realty

Life Insurance Corporation of India, the single biggest shareholder in many listed companies in India, has withdrawn its insolvency case against DB Realty Ltd, the real estate developer said.

The two companies have executed a debt settlement agreement on Oct 16, DB Realty said.

With this, the case against the developer has been withdrawn and disposed of. There are currently no bankruptcy proceedings against the company, it added.

The case related to Rs 31 cr that was owed to LIC Housing Finance by DB Realty.

This was part of a Rs 188 cr loan given by LIC Housing Finance to the company in January 2010. Rs 157.37 cr was repaid, while the balance was not.