By Varun Singh

Three homebuyers approached MahaRERA seeking relief against HDIL builder. However, they couldn’t be granted any relief from MahaRERA at this juncture.

Homebuyers Dharmedra Singh, Gaurav Seth and Neeraj Sharma approached MahaRERA.

They all are allottees in the project HDIL Paradise, located at Palghar west.

The homebuyers claimed that, the date of possession was long over, but they hadn’t received possession yet.

Also Read: Home Buyers Of HDIL Projects Wary, Post PMC Bank Scam

The project work was stalled, and incomplete. Some homebuyers sought from MahaRERA that the builder hand them possession at the earliest and pay them interest for delay.

Some homebuyers sought that HDIL refund them the money paid along with interest and compensation.

Advocate representing the respondent informed MahaRERA, that HDIL is under an insolvency resolution process and an insolvency resolution professional has been appointed by the NCLT order dated August 20, 2019.

Therefore these complaints cannot be proceeded until the insolvency resolution process is completed.

Also NCLT has imposed a moratorium against institution or continuation of any suits or proceedings against HDIL till insolvency resolution process is completed.

Also Read: Adani, Sunteck show interest to acquire HDIL

It was further informed that as soon as the Corporate Insolvency Resolution Process gets completed, claims of flat buyers in all the projects of HDIL will be settled in terms of the decision of the CoC, and subject to final approval of NCLT.

Thus view of these points Gautam Chaterjee, Chairman of MahaRERA, disposed off the complaint and said, “No relief under the provision of Real Estate (Regulation and Development) Act 2016 cannot be granted at this juncture.

HDIL builders are in trouble for quite some time. Many of there projects are stuck and the name of the promoters have popped up even in the PMC Bank Scam.

Adv Vinod Singh, a pracitisng advocate in Bombay High Court said, “The homebuyers will now have to wait till the final outcome of NCLT for them to get a final relief. They cannot even approach any other forum or court seeking relief against HDIL.”

Also Read: HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018

The post HDIL Homebuyers Get No Relief From MahaRERA appeared first on Square Feat India.

By Varun Singh

HDIL’s Rakesh Wadhawan and his wife Malti Wadhawan gifted the Wadahawan House located in Bandra to the family trust.

The trust is named Wadhwan Family Personal Assets Trust and has Anu Wadhawan, Malti Wadhawan, Rama Joshi and Madhuri Motwani as the trustees.

According to documents available with SquareFeatIndia Wadhawan House stands on a land measuring 9001 square foot.

The property has a built up area of 14, 585 square foot and is located in Bandra’s Pali Hill area.

HDIL’s promoter Rakesh Wadhawan and his wife Malti Wadhawan gifted the property to the family trust on November 3, 2018.

Documents reveal that Wadhawan House comprises of two basements, a ground floor and three upper floors. A stamp duty of Rs 1.47 crore was paid while registering the gift deed.

The address in the documents show that HDIL’s Rakesh Wadhawan, Malti and Anu reside at Wadhawan House. While the other two trustees have different addresses one is in Khar, the other in Bandra.

Rakesh Wadhawan gifted the bungalow to the trust around 10-11 months before the PMC Bank scam came out in the open.

Since the mismanagement of funds of the bank has come out in the open, HDIL’s Rakesh Wadhawan and Sarang Wadhawan have been facing a stormy weather.

Recently, the recovery cell of PMC Bank had put a luxurious Ferreti Yacht 881 and two aircrafts a Dassault Falcon and a Bombardier Challenger on sale.

Meanwhile, Adani, Sunteck and four other companies have shown interest in acquiring the debt laden HDIL, HDIL, is currently under Corporate Insolvency Resolution Process.

A total of six parties showed interest in acquiring the debt laden HDIL. HDIL is currently under Corporate insolvency resolution process. The details came out via a regulatory filing.

Also Read: Adani, Sunteck show interest to acquire HDIL

The post HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018 appeared first on Square Feat India.

By Varun Singh

PMC Bank will be selling a yacht and two aircrafts in August. It has come out with a public notice for sale.

The sale notice has been put up by recovery cell of PMC Bank. Where it wants to sell a Ferreti Yacht 881, a Dassault Falcon and a Bombardier Challenger.

The yacht is docked at Galle Harbour in Srilanka, while the aircrafts are parked at Mumbai Airport.

The bank has not fixed a rate for the sale of the yacht and the aircrafts. It wants prospective bidders to give 10% of the offer price as EMD to it.

A PMC Bank official who is dealing with the sale said, “We have put these assets on sale, but haven’t fixed the rate for them.”

The banks expects prospective bidders to give them offers at which they wish to buy the assets.

The bank official says that those interested in buying these assets will get them inspected by experts. “We will sell the assets to whosoever quotes the highest price,” said the official.

According to the public notice, issued by the bank, they are selling three assets by inviting sealed bids. The sale is in compliance of an order by the Additional Chief Metropolitan Magistrate, Esplanade, Mumbai.

The bids for the yacht shall be opened on August 17, 2020 at 2 pm, at the Bhandup west office of the recovery cell of PMC Bank.

While that of the two aircrafts shall be opened on August 21, 2020 at the same office. During both the events, the administrator appointed by RBI stall be present.

The successful bidder shall have to pay 25% of the sale price adjusting the EMD amount within two days.

After which he will be issued a letter of sale, post which within seven days the bidder will have to pay the rest 75% amount of the sale price.

Last year the bank ran into a major controversy. The withdrawal limits for its depositors were also limited. Directors of HDIL, a real estate firm also are in trouble because of their alleged connections to the PMC Bank Scam.

The scam runs into several thousands of crores and the authorities are investigating the matter.

Also Read: Home Buyers Of HDIL Projects Wary, Post PMC Bank Scam

The post PMC Bank puts on sale a yacht and two aircrafts appeared first on Square Feat India.