HDIL Promoter Rakesh Wadhawan Alleges Cheating by Resolution Professional
HDIL promoter Rakesh Wadhawan has accused a resolution professional of selling off material worth ₹6 crore for a mere ₹18 lakh
HdilRakesh WadhawanNcltReal EstateCheatingReal Estate MumbaiSep 11, 2024
The resolution professional was appointed to oversee HDIL's projects, including the massive slum rehabilitation project in Kurla, namely Premier Residency, comprising 30 buildings with 18,645 tenements. Work on the project started in 2007 and by 2011, it was around 70% complete, but the remaining work could not be undertaken due to lack of permissions.
Eventually, as the company failed to repay the loan taken from the Central Bank of India for the project, the matter went to the NCLT, which appointed the resolution professional. However, things took a turn for the worse when Wadhawan visited the company's premises in Kurla West after being released on bail in April 2024 and found that all the material stock and fittings stored on the ground floor of three buildings was missing.
When he inquired with the resolution professional about this, he sent an email on August 8, listing all the material and saying he had received ₹18,02,130 by selling the same. When he was asked how and why he had sold the material worth ₹6 crore for ₹18 lakh, he did not provide any response, Wadhawan said in his complaint.
Wadhawan has lodged a complaint regarding the matter with the VB Nagar police, but no FIR has been registered yet, said police.
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that deals with cases related to companies. HDIL is a real estate firm that has been facing financial difficulties and is currently undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC).
Housing Development and Infrastructure Limited (HDIL) is a real estate development company based in Mumbai, India. The company was founded in 1996 and has developed several residential and commercial projects in Mumbai and other parts of the country.
Frequently Asked Questions
What is the name of the project that HDIL was working on in Kurla?
Premier Residency, a massive slum rehabilitation project comprising 30 buildings with 18,645 tenements.
How much was the material worth that was sold by the resolution professional?
₹6 crore
How much did the resolution professional receive for selling the material?
₹18,02,130
Why did the matter go to the NCLT?
HDIL failed to repay the loan taken from the Central Bank of India for the project.
Has an FIR been registered in the matter?
No, the police have not registered an FIR yet.
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