NCLT to Hear Suspended HDIL Promoter Rakesh Wadhawan's Plea for Revival Plan Proposal

The National Company Law Tribunal (NCLT) is set to hear the plea filed by the former Housing Development and Infrastructure Limited (HDIL) promoter Rakesh Wadhawan on Tuesday. Rakesh Wadhawan, the suspended promoter of HDIL, has moved the National Company Law Tribunal (NCLT) to allow him to propose “a viable revival plan” in the Corporate Insolvency Resolution Process (CIRP).Wadhawan has also sought to submit a resolution plan to revive the company also highlighting that he is interested in the maximisation of the resolution value.

Wadhawan has expressed his desire to submit a revival plan aimed at resuscitating HDIL. He stressed that his plan focuses on maximizing the resolution value for the benefit of all stakeholders involved.

In his petition, Wadhawan, the suspended HDIL promoter, has urged the tribunal to allow him to present a "viable revival plan" as part of the CIRP. He also proposed an alternative one-time settlement plan, asserting that this would help unlock the maximum value from the company’s assets.

Wadhawan further stated that HDIL's assets are more than adequate to cover creditor claims. He also alleged that the Committee of Creditors (CoC) had overlooked the true value of these assets, including the intangible ones, as well as potential cash flows from joint venture agreements.

The NCLT's decision on this matter could play a crucial role in determining the future course of action for HDIL’s revival.