Money & Banking

Banks file application in NCLAT on DHFL

Our Bureau Mumbai | Updated on May 25, 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.

In his second settlement offer, Wadhawan had offered ₹91,158 crore, which is over ₹50,000 crore more than the ₹34,250 crore being offered by Piramal Enterprises Ltd.

The CoC, led by Union Bank of India, in its application has asked that the May 19 order of the NCLT should be set aside. Further the NCLT should also clear the resolution plan for DHFL.

DHFL Administrator R Subramaniakumar filed his application challenging the NCLT order on May 23.

Published on May 24, 2021

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