Devendra Mehta News Today

Appoint Bipin Kabra as CFO, NCLT directs RattanIndia Finance : Rashtra News #Appoint #Bipin #Kabra #CFO #NCLT #directs #RattanIndia #Finance The Delhi bench of the National Company Law Tribunal (NCLT) has directed RattanIndia Finance Pvt Ltd to appoint Bipin Kabra as its new chief financial officer, admitting a petition from a unit of Lone Star

The National Company Law Tribunal (NCLT) has admitted Union Bank of Indias insolvency application against Kapil Wadhawan, former promoter of DHFL, for a Rs 3,958-crore default. Devendra Mehta is appointed as the resolution professional. DHFLs creditors, including FD holders, had recovered Rs 38,000 crore from Piramal Capitals acquisition in September 2021.

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 companys 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 Wadhawans 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 On November 20, 2019, the central bank superseded the board of DHFL and appointed R Subramaniakumar as the company administrator.