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NCLT asks DHFL lenders to consider Kapil Wadhawan's offer

In an oral order, the tribunal asked the administrator of DHFL, appointed by the Reserve Bank of India, to place the resolution plan before the Committee of Creditors.

Wadhawan had offered to repay 100 per cent principal amount to DHFL creditors. Wadhawan had offered to repay 100 per cent principal amount to DHFL creditors.

The National Company Law Tribunal (NCLT) has asked lenders of bankrupt Dewan Housing Finance Corporation Ltd (DHFL) to consider the resolution plan of its former promoter Kapil Wadhawan.

Wadhawan had offered to repay 100 per cent principal amount to DHFL creditors and made an offer of over Rs 90,000 crore. He had filed a petition in NCLT for the same.

In an oral order, the tribunal asked the administrator of DHFL, appointed by the Reserve Bank of India, to place the resolution plan before the Committee of Creditors (CoC), and gave the lenders 10-days time to review the offer.

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"We are not interfering with the commercial wisdom of the lenders and CoC, but all we are saying is that they can consider the plan and give their decision within 10 days," the Economic Times reported the tribunal as saying.

In January, Piramal Capital and Housing Finance Ltd, a subsidiary of Piramal Enterprises Limited, had won the bid for acquiring DHFL. The resolution plan had received approvals from RBI in February 2021 and Competition Commission of India (CCI) in April 2021.

DHFL owed over Rs 90,000 crore to banks and other investors when it went bankrupt. DHFL and its the then promoter family, including Wadhawan, are being investigated for corruption and siphoning off funds.

Also read: Piramal Capital mobilises Rs 2,500 crore to integrate Dewan Housing acquisition