Ex-directors of DHFL seek to be part of Committee of Creditors

MUMBAI: The former directors of Dewan Housing Finance Corporation (DHFL) has approached the Mumbai bench of the National Company Law Tribunal (NCLT), Mumbai bench seeking its intervention to direct the administrator to be part of the meetings of Committee of Creditors (CoC) of the debt-laden NBFC, Maulik Vyas reports. On Wednesday, Kapil and Dheeraj Wadhawan had approached the tribunal with the arguments that they should be allowed to be part of the CoC meetings.

“The administrator of DHFL is not allowing us with the arguments that the board is not replaced like normal corporate insolvency resolution process (CIRP) but it was superseded by the Reserve Bank of India (RBI),” said senior counsel JJ Bhat who was appearing for the former directors of the company.

The tribunal had admitted DHFL for insolvency resolution on December 2 and appointed R Subramaniakumar as the company’s administrator.

Rohan Rajadhyaksha, counsel representing DHFL's administrator countered arguments and sought time to file his reply in the matter. The division bench led by Rajasekhar VK and Ravikumar Duraisamy allowed the administrator to file his reply and posted the matter for further hearing on February 19.