Lenders likely to move NCLAT over DHFL
May 24, 2021
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Move comes after NCLT asked DHFL’s CoC to consider the ₹91,158 crore offer made by its former promoter Kapil Wadhawan
Lenders to troubled Dewan Housing Finance Corporation Ltd (DHFL) are looking at various options and are expected to file an appeal with the National Company Law Appellate Tribunal (NCLAT) on Monday.
The move comes after the National Company Law Tribunal asked DHFL’s Committee of Creditors to consider the offer made by its former promoter Kapil Wadhawan within the next 10 days. In his second settlement offer, Wadhawan had offered ₹91,158 crore, which is over ₹50,000 crore more than the ₹34,250 crore is being offered by Piramal Enterprises.
DHFL lenders challenge NCLT order on considering Wadhawan s offer
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Last Updated: May 24, 2021, 09:37 PM IST
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Synopsis An appeal challenging NCLT Mumbai bench s order has been filed before the National Company Law Appellate Tribunal (NCLAT) and is scheduled for hearing on Tuesday.
Agencies
The committee of creditors of DHFL has challenged the National Company Law Tribunal (NCLT) order directing the lenders to consider the offer by the debt-ridden mortgage firm s erstwhile promoter Kapil Wadhawan. An appeal challenging NCLT Mumbai bench s order has been filed before the National Company Law Appellate Tribunal (NCLAT) and is scheduled for hearing on Tuesday. The matter will be heard by a vacation bench of NCLAT comprising Acting Chairman Justice A I S Cheema and Member Technical V P Singh.
Banks file application in NCLAT on DHFL
May 24, 2021
Banks challenge NCLT order directing DHFL’s CoC to consider former promoter Kapil Wadhawan’s offer
The Administrator and lenders to troubled Dewan Housing Finance Corporation Ltd (DHFL) have filed two applications in the National Company Law Appellate Tribunal (NCLAT).
These have been filed challenging the National Company Law Tribunal order which directed DHFL’s Committee of Creditors to consider the offer made by its former promoter Kapil Wadhawan within the next 10 days.
Sources said that there are concerns that such a move will derail the resolution process of DHFL and could also set a bad precedent.
DHFL lenders challenge NCLT order to consider Kapil Wadhawan s offer
Last week, NCLT had asked the administrator of DHFL, appointed by the Reserve Bank of India (RBI), to place Wadhawan s resolution plan before the CoC.
BusinessToday.In | May 24, 2021 | Updated 22:38 IST
Last year, Wadhawan had made his settlement offer to the CoC which was rejected due to lack of credibility and the valuations attached to the proposed asset sales.
The lenders of Dewan Housing Finance Corporation Ltd (DHFL) have challenged the National Company Law Tribunal s (NCLT s) order asking them to consider the resolution plan of the bankrupt company s former promoter Kapil Wadhawan.
DHFL had gone bankrupt with more than Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company. (Representative image)
NEW DELHI: The committee of creditors of DHFL has challenged the National Company Law Tribunal (NCLT) order directing the lenders to consider the offer by the debt-ridden mortgage firm s erstwhile promoter Kapil Wadhawan.
An appeal challenging NCLT Mumbai bench s order has been filed before the National Company Law Appellate Tribunal (NCLAT) and is scheduled for hearing on Tuesday.
The matter will be heard by a vacation bench of NCLAT comprising acting chairman Justice A I S Cheema and Member Technical V P Singh.