Kapil Wadhwan Moves SC Against NCLAT Stay Against His DHFL Offer
Moneylife Digital Team
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Kapil Wadhawan, former promoter of the beleaguered Dewan Housing Finance Ltd (DHFL), has filed a plea in the Supreme Court (SC) challenging the stay granted by the National Company Law Appellate Tribunal (NCLAT). On 25th May, the NCLAT had stayed the National Company Law Tribunal (NCLT) Mumbai bench s 19th May order which directed DHFL s lenders consider Mr Wadhawan s settlement offer.
Kapil Wadhawan is said to have filed the appeal petition in SC on Monday evening. He is currently in judicial custody for his alleged misdeeds.
Kapil Wadhawan’s proposal offers more than Rs91,000 crore to the creditors, which is higher than the Rs37,250 crore offered by the winning bidder, Piramal group and, hence, the committee of creditors (CoC) must consider it, the NCLT had said in its order.
Read more about Games promoters play on Business Standard. If a promoter knows that he can afford not to repay loans and buy back his company in the bankruptcy court at a discount with a reduced debt burden, he has a strong incentive to drive his firm aground
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In a major relief for the Piramal group, the Reserve Bank of India (RBI) appointed DHFL administrator and the lenders, the National Company Law Appellate Tribunal (NCLAT) has stayed the earlier order issued by Mumbai bench of National Company Law Tribunal (NCLT). The Mumbai bench NCLT had directed lenders of beleaguered Dewan Housing Finance Ltd (DHFL) to consider to consider the former promoter Kapil Wadhawan s settlement offer. Piramal group, which had won the bid for DHFL had also separately moved NCLAT to challenge the NCLT order. Kapil Wadhawan is currently in judicial custody for his alleged misdeeds.
On Tuesday, the division bench, headed by Justice AIS Cheema and VP Singh in an oral order stayed the directive passed by the NCLT’s Mumbai bench on 19th May.
NCLAT stays NCLT order asking DHFL lenders to consider Kapil Wadhawan s offer
A vacation bench of NCLAT, comprising of Acting Chairman Justice A I S Cheema and Member Technical V P Singh, stayed the order passed by NCLT.
BusinessToday.In | May 25, 2021 | Updated 19:44 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 National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed an order passed by the Mumbai bench of National Company Law Tribunal (NCLT) asking the lenders of bankrupt Dewan Housing Finance Ltd (DHFL) to consider the resolution plan of the company s former promoter Kapil Wadhawan.