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Homebuyers in HDIL’s Nahur Project file plea in NCLAT

“We are pleading to get us added in the matter as a respondent and seeking a hearing to resolve our dispute by accepting our claims,” said Omkar Khanvilkar, lawyer representing these more than 200 HDIL homebuyers.

, ET Bureau|
Oct 28, 2019, 10.59 AM IST
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HDIL
HDIL’s promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested by the Economic Offences Wing in connection with the Rs 4,355-crore PMC Bank scam, have been remanded to judicial custody on Thursday by a special court in Mumbai.
Homebuyers of disgraced realty developer Housing Development & Infrastructure (HDIL) have moved the National Company Law Appellate Tribunal (NCLAT) with an intervening application in an ongoing case between the developer and its key lender, Bank of India.

These homebuyers, affected by the delay at the developer’s residential project Majestic Towers in Nahur suburb of Mumbai, recently approached the Mumbai Police’s Economic Offences Wing, alleging fraud and siphoning off funds worth more than Rs 200 crore by the promoters and directors of the company. The EOW has already recorded statements of the homebuyers.

“We are pleading to get us added in the matter as a respondent and seeking a hearing to resolve our dispute by accepting our claims,” said Omkar Khanvilkar, lawyer representing these more than 200 HDIL homebuyers. The matter is scheduled to be heard next on November 13. In September, in partial relief to the listed developer, the NCLAT stayed the constitution of a committee of its creditors.

ET was the first to report the NCLT's earlier decision to admit insolvency proceedings under the provisions of the Insolvency & Bankruptcy Code against the developer on a plea filed by Bank of India.

“We have been moving from one authority to the other for long, even before the emergence of the Punjab & Maharashtra Co-operative Bank issue. However, we have not received any relief. We, as homebuyers, have invested our hard-earned money and hope to get a solution as early as possible,” said Chandrakishore Kolindewala, president of the Majestic Towers Flat Owners Association.

The state-run bank filed the application with the Mumbai bench of the NCLT after HDIL failed to repay dues worth Rs 522 crore. HDIL also faces resolution pleas filed by Corporation Bank, Syndicate Bank, Indian Bank and Dena Bank.

HDIL’s promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested by the Economic Offences Wing in connection with the Rs 4,355-crore PMC Bank scam, have been remanded to judicial custody on Thursday by a special court in Mumbai.

The authorities have already attached assets worth Rs 3,500 crore belonging to the realty developer. These assets were pledged as collateral to the bank.

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