DHFL Administrator, Lenders Move NCLAT Against NCLT Order
Moneylife Digital Team
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R Subramaniakumar, the Reserve Bank of India (RBI)-appointed administrator for Dewan Housing Finance Ltd (DHFL), late on Sunday night moved the National Company Law Appellate Tribunal (NCLAT) against last week’s National Company Law Tribunal (NCLT) order asking lenders to consider Kapil Wadhawan s settlement offer. In its appeal, the administrator has termed the NCLT order illegal and in breach of settled provisions of law .
While reporting on the contents of the appeal, a CNBC report said that the appeal says, “The adjudicating authority (NCLT), in passing the impugned order, has overlooked relevant facts, and settled law, ignoring the submissions and contentions of not only the appellant (administrator) and the committee of creditors (CoC), but also the RBI”.
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.
Sebi provides some compliance exemption to LEDO Tea Company for delisting
PTI
Markets regulator Sebi on Monday granted exemption to LEDO Tea Company Ltd from compliance with certain provisions of delisting norms for voluntary delisting of equity shares.
The firm is listed on the BSE.
Sebi had received an application from the firm in January 2021 seeking exemption from the applicability of certain provisions of delisting norms.
The requirement for receiving consent of the shareholders holding at least 90 per cent of public shareholding of a company, as mandated under the Delisting Regulations, has been relaxed.
Sebi noted that the firm has made repeated efforts to reach out to the shareholders and despite having made efforts, it has not been able to contact a majority of the public shareholders.
Read more about DHFL resolution: Lenders move NCLAT against Kapil Wadhawan s offer on Business Standard. The committee of creditors cannot do it. Also, it requires a high threshold of approvals from the CoC.