DHFL Lenders Challenge NCLT Order Considering Offer From Kapil Wadhawan, Real Estate News, ET RealEstate
The case will be heard by an NCLAT vacation bench comprising the Acting President, Judge AIS Cheema, and Member Technical Vice President Singh.
The petition was filed by Union Bank of India on behalf of the Creditors Committee (CoC) of Dewan Housing Finance Corporation Ltd (DHFCL).
Last week, NCLT asked the DHFL administrator appointed by the RBI to present the settlement plan proposed by imprisoned Wadhawan to the CoC.
The court gave the CdC ten days to consider the offer.
According to sources, the lenders in their petition asked the appeals court to stay the NCLT order.
In January of this year, the CoC voted in favor of selling DHFL to Piramal Group as part of the bankruptcy process.
As the Reserve Bank of India (RBI) and the Competition Commission of India (CCI) have given their approvals, a final nod from the NCLT is expected.
Last year, Wadhawan made her settlement offer to the CoC and it was rejected, citing a lack of credibility and the valuations attached to the proposed asset sales.
In the plan, Wadhawan had offered to repay the lenders by selling assets.
In November 2019, RBI referred DHFL – then the third-largest pure-play mortgage lender – for resolution under the Insolvency and Bankruptcy Code (IBC).
DHFL had gone bankrupt with over Rs 90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who held term deposits with the company.