Rakesh Wadhawan accuses resolution professional of cheating

Rakesh Wadhawan has lodged a complaint regarding the matter with the VB Nagar police, but no FIR has been registered yet, said police

MUMBAI: A resolution professional appointed by the National Company Law Tribunal (NCLT) to oversee real estate firm HDIL’s projects sold off material worth around ₹6 crore stored in the company’s premises in Kurla for a measly ₹18 lakh. HDIL promoter Rakesh Wadhawan has lodged a complaint regarding the matter with the VB Nagar police, but no FIR has been registered yet, said police.

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In his statement to the police, Wadhawan claimed that HDIL had undertaken a 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.

Wadhawan said that after he was released on bail in April 2024, he visited the company’s premises in Kurla West 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.