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Home / Business / Kapil Wadhawan files petition in the National Company Law Tribunal

Kapil Wadhawan files petition in the National Company Law Tribunal

He has urged the NCLT to consider the financial package for revival of DHFL prepared after the June 7 circular of the RBI
Wadhawan said in his petition that DHFL has assets of Rs 68,000 crore and the bids received for the entire company is only for Rs 31,000 crore.
Wadhawan said in his petition that DHFL has assets of Rs 68,000 crore and the bids received for the entire company is only for Rs 31,000 crore.
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Our Special Correspondent   |   Mumbai   |   Published 27.11.20, 05:33 AM

Kapil Wadhawan, the erstwhile promoter of Dewan Housing Finance Ltd (DHFL), has filed a petition in the National Company Law Tribunal (NCLT) seeking access to meetings of DHFL’s committee of creditors (CoC) and data on the assets of the mortgage lender.

In an appeal made to the Mumbai bench of the NCLT, Wadhawan urged the tribunal to consider the financial package for revival of DHFL prepared after the June 7 circular of the RBI.

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Wadhawan said in his petition that DHFL has assets of Rs 68,000 crore and the bids received for the entire company is only for Rs 31,000 crore.

“The applicant is given to understand from information in the public domain that only a third of this amount is payable upfront whereas the balance amount is deferred payment, payable over several years from the accruals of DHFL itself.

“Ex-facie, the upfront amount is less than the cash, real estate and investments available with DHFL and, therefore, is a complete eyewash,’’ the petition said.

It alleged that the bidders are seeking with “barely any investment” to take over the company using the resources of DHFL while offering a massive haircut on the amounts due to the creditors of DHFL.

He, therefore, sought the intervention of the tribunal to ensure that the interests of all stakeholders are protected.

The petition urged NCLT that the resolution plan drafted by the company be submitted to an independent expert appointed by the tribunal along with the bids received from the resolution applicants and the independent expert submit a report with his opinion on the most appropriate plan.  

“...permit the applicant to assist the CoC to consider the bids being received for DHFL in the proper perspective and to permit the applicant to assist in the CIRP process,’’ it added.

Wadhawan said pending the hearing and final disposal of his application, the tribunal should direct the administrator of DHFL to give him or his representative access to all the documents and records of DHFL, including documents like the minutes of the CoC meetings, presentations of bids made to them and revisions made by the bidders. 



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