New Delhi: Former Dewan Housing Finance (DHFL) promoter Kapil Wadhawan has moved the appellate tribunal NCLAT to challenge the NCLT order initiating personal insolvency proceedings against him.
Wadhawan has challenged the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had on April 2 directed initiation of personal insolvency proceedings against him on a plea by Union Bank.
The case was listed before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), which has been adjourned for hearing till July 18.
Earlier, insolvency tribunal NCLT had also appointed Devendra Mehta as resolution professional (RP) to match the claims of lenders and calculate the personal assets of the Wadhawans.
Wadhawan was the guarantor of loans taken by DHFL, which had availed various term loan facilities of over Rs 4,000 crore and working capital facilities of Rs 450 crore.
Following the default, NCLT directed initiation of insolvency proceedings against DHFL in November 2019.
Subsequently, the debt-ridden company was acquired by Piramal Capital for Rs 34,250 crore and later merged with itself.
At the time of approval of the scheme, DHFL's lenders had recovered a total of Rs 38,000 crore from the resolution process.
The Insolvency and Bankruptcy Code allows personal guarantors to be subject to direct insolvency proceedings.
Earlier in April this year, the NCLT had directed initiation of insolvency proceedings against media giant Subhash Chandra on a plea by Indiabulls Housing Finance.
Wadhawan has challenged the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had on April 2 directed initiation of personal insolvency proceedings against him on a plea by Union Bank.
The case was listed before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), which has been adjourned for hearing till July 18.
Earlier, insolvency tribunal NCLT had also appointed Devendra Mehta as resolution professional (RP) to match the claims of lenders and calculate the personal assets of the Wadhawans.
Wadhawan was the guarantor of loans taken by DHFL, which had availed various term loan facilities of over Rs 4,000 crore and working capital facilities of Rs 450 crore.
Following the default, NCLT directed initiation of insolvency proceedings against DHFL in November 2019.
Subsequently, the debt-ridden company was acquired by Piramal Capital for Rs 34,250 crore and later merged with itself.
At the time of approval of the scheme, DHFL's lenders had recovered a total of Rs 38,000 crore from the resolution process.
The Insolvency and Bankruptcy Code allows personal guarantors to be subject to direct insolvency proceedings.
Earlier in April this year, the NCLT had directed initiation of insolvency proceedings against media giant Subhash Chandra on a plea by Indiabulls Housing Finance.
