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DHFL Lenders did not consider Wadhawan s proposal on merits or commercial wisdom: NCLT
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Wadhawan had written to the creditors of DHFL in October, November and December of 2020, offering to settle dues in full
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Mumbai: Creditors of Dewan Housing Finance Corporation Ltd (DHFL) did not consider the settlement proposal by its promoter Kapil Wadhawan on its merits or with commercial wisdom, the Mumbai bench of the National Company Law Tribunal (NCLT) said.
NCLT has asked the committee of creditors (CoC) to put up the offer for its “consideration, decision, voting within the next 10 days, according to a copy of the order. It said the proposal has not been made available to the fixed-deposit and non-convertible debenture holders who constitute more than 65% of vote share.
NCLT asks DHFL lenders to consider Wadhawan s settlement offer
By IANS |
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DHFL.. Image Source: IANS News
New Delhi, May 19 : In a major turn of events in the resolution of DHFL, the National Company Law Tribunal (NCLT) has asked its lenders to consider the settlement offer of former promoter Kapil Wadhawan.
The tribunal has given the committee of creditors a period of 10 days to consider his offer and come back to the court with its decision by May 31, sources said.
Wadhawan had filed a petition at the NCLT and the order was reserved since January 15.
Kapil Wadhawan s offered to repay 100 per cent principal amount to all the creditors. In his revised proposal of Rs 91,158 crore for the creditors, Wadhawan promised to make an upfront payment of Rs 9,000 crore.
In an oral order, the tribunal asked the administrator of DHFL, appointed by the Reserve Bank of India, to place the resolution plan before the Committee of Creditors.
NCLT asks DHFL lenders to consider Wadhawan’s offer
May 19, 2021
Bankers say since PCHFL’s resolution plan has been approved by majority of the lenders, it is unlikely that their decision will change.
The resolution of scam-hit DHFL has taken a new twist, with the National Company Law Tribunal (NCLT), Mumbai, asking the company’s committee of creditors (CoC) to consider former Chairman & Managing Director Kapil Wadhawan’s resolution plan within next 10 days.
This comes even as the Tribunal is weighing DHFL (Dewan Housing Finance Corporation Ltd) Administrator’s application on the resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) as approved by the CoC.