Still have enough assets; ensure to complete construction of MHADA component: HDIL

In a setback for HDIL, Maharashtra Housing and Area Development Authority (MHADA) has accused its subsidiary - Guruashish Construction of a Rs 1,200 crore fraud. In an interview with CNBc-TV18, Sarang Wadhawan, Vice Chairman & Managing Director of HDIL spoke about the latest happenings in his company and sector.

The company, Guruashish Construction was admitted under National Company Law Tribunal (NCLT) in the month of April last year and there was only one lender Union Bank of India that had taken the company to the NCLT and that is the only debt on the company, he said.

This company was to create 3,000 tenements for MHADA and hand them over, there has been a delay in handing over the tenements. However, the company still has enough assets and has enough to cover up and ensure that the construction of the MHADA component will be completed, he added.

The resolution plan which is being prepared covers the entire aspect of MHADA component and every other due which is there from the company will be covered in the resolution plan which will be submitted to the NCLT in the next 10-15 days’ time, said Wadhawan.

For full interview, watch accompanying video…