HDIL’s Suspended Director Rakesh Wadhawan Moves IBBI Over False Claims by Palghar Project Homebuyers

HDIL's suspended director and promoter, Rakesh Wadhawan, who is currently out on bail, has approached the Insolvency and Bankruptcy Board of India (IBBI), raising concerns over alleged false claims made by homebuyers of the Palghar project. Wadhawan is challenging the resolution passed by the company administrator which approved the repayment of crores of rupees in debt based on these claims.

In his complaint, Wadhawan highlighted that the Paradise City project in Palghar had already received an Occupation Certificate (OC) from authorities after its completion. Several buildings in Sector 1 had formed their housing societies, and many customers had taken possession of their homes. Despite this, numerous homeowners currently residing in the project have been listed as debtors. Wadhawan alleged that the administrator accepted these false claims without verification and passed the resolution plan, which unnecessarily increased the company’s liabilities.

Additionally, Wadhawan pointed out that some buyers who did not take possession of their homes on time, and from whom the company was entitled to recover interest, were also included in the list of debtors by the resolution professional.

To support his claims, Wadhawan presented several documents, including:

Case Study 1:
1. Claim Number 3986:  This claim pertains to a company, whose outstanding dues, including interest, amount to ₹12,42,944. However, Wadhawan highlighted that it has already taken possession of Flat No. 301 in the B Wing of Building No. 15 in Sector 1 of the HDIL Paradise City project.
  
2. Claim Number 3944: Another person’s outstanding dues were listed as ₹17,61,245. Yet, Wadhawan provided evidence showing that they had already taken possession of Flat No. G03 in Building No. 13.

Wadhawan claims that several such false claims have been accepted without proper investigation, inflating the number of the company’s debtors. He also alleged that similar fraudulent claims were accepted not only at the Palghar site but also at HDIL’s Nahur and Kurla sites. 

In response, the resolution professional (RP) had earlier clarified to Wadhawan that merely having a name on the nameplate does not confirm possession. The RP also assured that even though the resolution plan had been accepted, the screening committee would review the claims again, ensuring that no customer would be granted a second possession of a flat. The RP further stated that there was no irregularity in the process.

Wadhawan has urged the IBBI to investigate the matter and remove these false claims from the list of debtors. The board is expected to conduct a hearing on the issue soon.