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Complaint Filed Against HDIL Administrator for ₹6 Crore Fraud; Administrator Calls Allegations Baseless

A complaint has been lodged against the HDIL administrator at the Vinoba Bhave Nagar police station in Kurla, Mumbai, accusing him of defrauding the company of ₹6 crore. Rakesh Wadhawan, a suspended HDIL director, alleges that the administrator sold valuable construction materials worth ₹6 crore from the company’s Kurla site as scrap for only ₹18 lakh. The administrator has responded by recording a statement with the police, asserting that the allegations are baseless and that all procedures were conducted transparently with proper documentation.

The complaint outlines that HDIL had developed over 18,000 homes across 30 buildings under the Premier Residence SRA project in Kurla, Mumbai, which began in 2007. By 2011, 70% of the project was complete, but it remained unfinished for various reasons. During this time, valuable construction materials were stored in a warehouse at the Kurla site.

Due to delays in loan repayment from the Central Bank of India, HDIL was declared insolvent, and the National Company Law Tribunal (NCLT) appointed Abhay Manudhane as the company’s administrator.

In April 2019, after being released on bail from the PMC scam, Wadhawan reportedly discovered that the administrator had sold the valuable materials from the Kurla site for ₹18 lakh as scrap, despite their estimated worth of ₹6 crore. Notably, the tender for the scrap was opened on April 10, but the advertisement for it was published in newspapers only on April 11.

A complaint has also been filed with the Insolvency and Bankruptcy Board of India (IBBI) questioning the administrator’s involvement in the transaction.

The Vinoba Bhave Nagar police have recorded the administrator’s statement, in which he claims that Wadhawan’s complaint is a deliberate attempt to obstruct his work. The administrator, appointed as Resolution Professional by the NCLT Court, maintains that the entire process was handled with complete transparency and that he has all necessary documentation to support his case.

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