Kapil Wadhawan appeals against NCLAT stay on his offer for DHFL in SC

Supreme Court, dewan housing finance, national company law appellate tribunal, DHFL, nclat, ajay piramal

Kapil Wadhawan, an ousted promoter of Dewan Housing Finance (

DHFL

) has filed an application in the Supreme Court challenging the order by National Company Law Appellate Tribunal, which stayed Mumbai Tribunal’s order for consideration of revival plan by former promoter.

The matter is yet to be listed for hearing in the apex court.

“We have filed an appeal in the apex court to stay the NCLAT order,” said Rohan Dakshini, partner at Rashmikant and Partners, which appeared on behalf of Kapil Wadhawan. “We just want our client’s proposal to be placed before the entire CoC (Committee of Creditors) for their consideration since our offer as noted by the NCLT offers considerably more recovery to the lenders than any other offer.”

In between Mumbai court will likely convey its decision Tuesday on Piramal’s resolution plan, which has a stamp approval from both lenders and the RBI.

The National Company Law Appellate Tribunal (NCLAT) on May 25 stayed the Mumbai NCLT’s order directing the administrator of Dewan Housing Finance (DHFL) to consider a settlement proposal from its former promoter Kapil Wadhawan.

Wadhawan could file a case in the Supreme Court challenging the stay, ET reported earlier.

The latest NCLAT order does not debar the insolvency court in Mumbai from pronouncing its decision on the resolution plan submitted by the Piramal group, which was already approved by lenders and the RBI.

The appellate tribunal also clarified that this case will not stand in the way of approving the resolution plan of the successful resolution applicant.

Mid-January, billionaire Ajay Piramal won the bankruptcy bid for DHFL, trumping distressed fund Oaktree Capital and Adani Capital.

Of the Rs 87,000-odd crore debt, the company owes close to Rs 40,000 crore to banks. Others include bondholders and fixed deposit owners.

It will be an irrational decision to consider his settlement proposal as his general credibility is prejudiced, lenders are of opinon.

Lenders feel the erstwhile promoter never participated in the process and only came up with porous proposals via a letter, sent well beyond the stipulated period of bidding process.

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