The ongoing insolvency proceedings of Housing Development and Infrastructure Ltd (HDIL) have taken a contentious turn, with suspended director Rakesh Kumar Wadhawan challenging the legitimacy of a ₹1,709.69 crore claim admitted by the Resolution Professional (RP), the FPJ reported.
In a letter dated June 1, 2025, Wadhawan has alleged that Suraksha Asset Reconstruction Company (ARC) — the claimant — acquired HDIL loans from Yes Bank through what he describes as a “fraudulently structured circular transaction.” According to him, the ARC did not use independent funds to purchase the loans, but instead allegedly received routed financing from Yes Bank via a group entity, raising questions about whether a genuine transfer of risk and…