DHFL had availed various term loan facilities of more than Rs 4,000 crore and working capital facilities of Rs 450 crores. Wadhawan had provided unconditional and irrevocable guarantees toward the credit facilities granted by the public sector lender to DHFL.
The National Company Law Tribunal (NCLT) in Mumbai has accepted Union Bank of Indias plea to commence insolvency proceedings against Dheeraj Wadhawan, the former promoter of Dewan Housing Finance Ltd (DHFL), due to the company s default of Rs 3,958 crore, for which Wadhawan provided a personal guarantee. Devendra Mehta has been appointed as the resolution professional (RP) to assess lenders claims and Wadhawan s personal assets.
DHFL had availed various term loan facilities of more than Rs 4,000 crore and working capital facilities of Rs 450 crores. Wadhawan had provided unconditional and irrevocable guarantees toward the credit facilities granted by the public sector lender to DHFL. On November 20, 2019, the central bank superseded the board of DHFL and appointed R Subramaniakumar as the company administrator.