DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan’s offer
Real Estate

DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan’s offer

Finance major Dewan Housing Finance Corporation Ltd (DHFL) was asked to consider a settlement offer by Kapil Wadhawan by the National Company Law Tribunal (NCLT).

NCLT has given the lenders 10 days to review the order and come back to the court to present their decision by May 31.

This action was taken in response to the petition filed by Wadhan at the NCLT and the order was held since January 15.

The offer from Kapil Wadhawan was to refund the Rs 9,000 crore to all the creditors from whom he owned about Rs 91,158 crore.

Wadhwan offered to repay what accounts for Rs 31,000 crore in debt in seven years at 8.5% per annum. He also offered to return Rs 12,000 crore within seven years at 11.5% per annum, with a one-year interim.

The offer includes repayment of Rs 18,000 crore in five years at 11 per cent per annum, along with a five-year interim. The proposal converts Rs 5,000 crore to equity with Rs 16,158 transformed to zero-coupon bonds.

Wadhawan emphasises paying the full amount to Fixed Deposits (FD) and Non Convertible Debentures (NCD) holders.

The finance company head has also shown concern over bids by Piramal Enterprises and the other bidders.

Piramal Group became a successful bidder for the bankrupt DHFL and the takeover has been approved by the Reserve Bank of India (RBI).

Image Source


Also read: CBI lodges FIR against DHFL for fake PMAY subsidy claims

Also read: Piramal could make highest bid for DHFL

Finance major Dewan Housing Finance Corporation Ltd (DHFL) was asked to consider a settlement offer by Kapil Wadhawan by the National Company Law Tribunal (NCLT). NCLT has given the lenders 10 days to review the order and come back to the court to present their decision by May 31. This action was taken in response to the petition filed by Wadhan at the NCLT and the order was held since January 15. The offer from Kapil Wadhawan was to refund the Rs 9,000 crore to all the creditors from whom he owned about Rs 91,158 crore. Wadhwan offered to repay what accounts for Rs 31,000 crore in debt in seven years at 8.5% per annum. He also offered to return Rs 12,000 crore within seven years at 11.5% per annum, with a one-year interim. The offer includes repayment of Rs 18,000 crore in five years at 11 per cent per annum, along with a five-year interim. The proposal converts Rs 5,000 crore to equity with Rs 16,158 transformed to zero-coupon bonds. Wadhawan emphasises paying the full amount to Fixed Deposits (FD) and Non Convertible Debentures (NCD) holders. The finance company head has also shown concern over bids by Piramal Enterprises and the other bidders. Piramal Group became a successful bidder for the bankrupt DHFL and the takeover has been approved by the Reserve Bank of India (RBI). Image SourceAlso read: CBI lodges FIR against DHFL for fake PMAY subsidy claims Also read: Piramal could make highest bid for DHFL

Next Story
Infrastructure Urban

Six Bidders Vie for Rs 572 Bn Jaiprakash Associates

The scramble to rescue Jaiprakash Associates Ltd (JAL), the flagship of the debt-laden Jaypee Group, reached a decisive stage on Tuesday as the window for resolution plans shut with at least six suitors in the fray. Industry sources say Adani Enterprises, Vedanta Group, Dalmia Bharat, Jaypee Infratech (backed by the Suraksha Group), Jindal Power and PNC Infratech have all lodged bids. Jaypee Infratech confirmed its submission but declined to reveal details.Lenders will open and assess the offers at a Committee of Creditors meeting today. Although bid values remain under wraps, the National Ass..

Next Story
Infrastructure Urban

Delhi Orders Urgent MAMC Hostel Repair and Safety Upgrade

Delhi Chief Minister Rekha Gupta has instructed multiple departments to overhaul hostel infrastructure and enhance student safety at Maulana Azad Medical College (MAMC). Chairing a high-level meeting at the Delhi Secretariat with Public Works Department, Health officials and student representatives, the Chief Minister demanded immediate repairs to ageing hostel blocks, new high-intensity LED lighting, round-the-clock CCTV coverage and a larger security presence.She also ordered a special drive to clear illegal encroachments around the campus and fast-track plans for an additional hostel, delay..

Next Story
Infrastructure Transport

Vikaspuri Road Upgrade, Tree Drive to Boost Delhi Constituency

Delhi’s Health and Transport Minister Pankaj Kumar Singh has broken ground on the long-awaited Baprola Village–Harphool Vihar road while leading a record plantation of 501 saplings under the “Ek Ped Maa Ke Naam” campaign. He said the two initiatives reflect the capital’s “people-centric governance”, promising safer, faster and more dignified daily life for residents.The rebuilt thoroughfare will ease commutes for Baprola Village, G-2 Jai Vihar, Prashant Enclave, Bajrang Chowk and Harphool Vihar, directly benefiting an estimated three thousand to three thousand five hundred school..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?