DHFL lenders move NCLAT against order
Premium- NCLT on Wednesday directed DHFL lenders to consider the offer made by Wadhawan, who has proposed to fully settle the mortgage lender’s total dues worth Rs91,000 crore
Lenders to bankrupt Dewan Housing Finance Ltd (DHFL) and RBI appointed administrator have filed applications challenging the Mumbai bench of the National Company Law Tribunal (NCLT) that asked them to evaluate a competition offer by Kapil Wadhawan, the company’s erstwhile promoter.
The consortium of 30 banks filed appeal before the National Company Law Appellate Tribunal (NCLAT). The matter is expected to come up for hearing later this week, bankers said. The creditors said, in the appeal, that the appellate tribunal should put a stay on the meeting to consider Wadhawan’s proposal while passing the rest of the order approving their deal with the Piramal Group.
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“Is there a concept of one-time settlement in IBC? The promoter has only written a letter, not given any formal proposal. We are therefore putting IBC into a tailspin. Tomorrow any promoter can quote the DHFL case and file a case against the lenders. That’s why we have decided to file the appeal," said an official aware of the development.
NCLT on Wednesday directed lenders to DHFL to consider the offer made by Wadhawan, who has proposed to fully settle the Mumbai-based housing company’s dues totalling ₹91,000 crore, including ₹43,000 crore in the initial few years. The tribunal’s Mumbai bench asked DHFL’s committee of creditors (CoC) to meet within 10 working days to consider Wadhawan’s offer. The surprise turn comes at a time when both the CoC and the Reserve Bank of India have already approved the Piramal Group’s proposal to acquire DHFL, and the proposal is currently before the NCLT.
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