The administrator of the now-bankrupt Dewan Housing Finance Corporation Ltd (DHFL) has filed an application in the NCLT (national company law tribunal) against promoters Wadhawans and developers, among others, regarding a Rs12,705.53-crore fraud in loan disbursements for slum rehabilitation projects during FY16-17 to FY18-19.
In a regulatory filing, the bank said that the administrator has sought contribution from the promoters, developers and the assignees to assets of DHFL, which is undergoing insolvency proceeding under the Insolvency and Bankruptcy Code (IBC).
The alleged fraud came to light in the initial report of the transaction auditor, Grant Thornton India LLP, which was appointed to conduct investigation of the company affairs.
"On the basis of investigation and observations of the Transaction Auditor, the Administrator has filed an application with respect to the disbursements made towards development of two SRA (Slum Rehabilitation Authority) projects, before the Mumbai bench of the National Company Law Tribunal under Section 60(5) and Section 66 of the Code on 27 September 2020 against Kapil Wadhawan, Dheeraj Wadhawan, the developers and assignees of the SRA projects, and certain other entities," it said.
Based on the transaction auditor's report, the application has been filed against 40 respondents, also including Darshan Developers Private Limited and Sigtia Constructions Private Limited. and certain other entities.
The investigation found that the monetary impact of the above transactions was Rs12,705.53 crore, including the principal amount of Rs10,979.50 crore and accrued interest of Rs1,726.03 crore. The entire amount mentioned above along with interest for the remaining period is claimed through the said application filed with the NCLT, the filing said.
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