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    Homebuyers in HDIL’s Nahur Project file plea in NCLAT

    Synopsis

    “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.

    Agencies
    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.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    3 Comments on this Story

    Suppandi Ka Chappand285 days ago
    My friend Bhakton Ka bhakt says that all this cheating by the builders started from the Nehru era and continues till now. The BJP has nothing to do with this and all the money has been eaten by the Nehru family. BJP for the last years has been finding out all these scams and their leaders have been told to blame congress. BJP is as pure as the BIS hallmark gold.
    Suresh Kamath286 days ago
    Surely with enormous FRAUD on the PEOPLE of the Country by such PROMOTERS who LOOTED with close nexus of Political Class Banks/REALTY and other Sectors to amass WEALTH as their own and let the PEOPLE fend for itself at all LEVELS and such URGENT need to bring REFORMS in JUDICIARY First to set accountability on each Members of Judiciary to deliver JUSTICE sooner and all such FRAUDSTERS into JAIL for LIFE and recover the LOOT and return to these UNFORTUNATE HONEST INNOCENT Persons Immediately
    Kochar Bipin286 days ago
    NCLAT must move quickly to protect the interests of lakhs of depositors whose hard earned money is at risk by ordering the banks to enforce the security agreements and swiftly sell off the property at or above circle rates
    The Economic Times