NCLT To Hear Ex-HDIL Promoter Rakesh Wadhawan's Plea For Review Of Insolvency Resolution

New Delhi: The National Company Law Tribunal (NCLT) will be holding a crucial hearing in the HDIL (Housing Development and Infrastructure Limited) case on Monday. The Resolution Professional is likely to file his response against the charges levelled by the former HDIL promoter Rakesh Wadhawan.Wadhawan, who was released on bail in April earlier this year, had approached the NCLT demanding reconduct of the corporate insolvency resolution process (CIRP) of the now-defunct realty firm.The suspended director of the company has also alleged in the petition that his company's assets were undervalued and committee of creditors were allegedly misled by inflating HDIL's liabilities. He alleged that the resolution professional, Abhay Manudhane, had significantly undervalued HDIL, estimating its worth at over Rs 6,500 crore while the approved resolution plan proposed less than Rs 600 crore.Wadhawan also claimed that HDIL's assets have been systematically looted by business and joint venture partners. He also accused the resolution professionals and other authorised representatives of conspiracy and foul play.The resolution professional, in a statement to the police, has denied all the allegations, calling them unfounded.Monday’s hearing is expected to see the resolution professional defending his actions and addressing the concerns raised before the NCLT panel.

Wadhwan's Complaint Against Resolution ProfessionalLast month, Rakesh Wadhawan lodged a complaint at the VB Nagar Police Station against a resolution professional appointed by the NCLT to oversee real estate firm's project. Wadhawan accused the resolution professional of allegedly selling off materials worth Rs 6 crore which were stored in his company premises. Wadhawan claimed that the resolution professional sold off the materials for a paltry Rs 18 lakh. The VB Nagar Police is yet to take an FIR in this matter.In this complaint, Wadhawan has referred to the slum rehabilitation project of the HDIL in Kurla. The project couldn't be completed due to several reasons and as HDIL failed to repay the loan from Central Bank of India, the matter went to NCLT and eventually a resolution professional (RP) was appointed. Wadhawan was arrested in the PMC Bank scam and claims when he got bail and later went to check on his materials stored in his building, he couldn't find it. He claims the RP gave him a receipt of Rs 18 lakh which was unacceptable to him.