Wadhawan offers fresh proposal to DHFL lenders
1 min read 14 Dec 2020, 06:41 PM ISTWadhawans had proposed that the settlement plan will commence from fiscal year 2022 onwards and will ensure completion of stalled projectsThe erstwhile promoter has highlighted the efforts made by them after the eruption of the NBFC crisis in September 2018
PremiumMumbai: Dewan Housing Finance Corp. Ltd’s erstwhile promoter Kapil Wadhawan has offered a proposal for repayment to the creditors of DHFL on the same day the company received revised bids from resolution applicants like Oaktree Capital, Piramal Enterprises, Adani Group and SC Lowy.
In a letter to the administrator, Wadhawan reiterated his offer to make 100% repayment to all creditors within 7-8 years with an upfront payment of ₹9000 crore.
“If the bids received for DHFL continue to be as low as they were previously, I would request the committee of creditors to consider my settlement proposal instead rather than permit DHFL to be sold for a song," he said.
Wadhawans had proposed that the settlement plan will commence from fiscal year 2022 onwards and will ensure completion of stalled projects for recovery of dues from borrowers in wholesale business. Going forward the company will focus on fresh retail loans, the letter said.
Last month Wadhawan had approached the National Company Law Tribunal (NCLT) against the bankrupt mortgage lender’s administrator and the committee of creditors (CoC) over the bids made by the four suitors seeking to take over its assets.
Wadhawan had urged, in the application made on 24 November, that the tribunal should not allow the bids received from the four bidders, Oaktree Capital, Piramal Enterprises, Adani Group, and SC Lowy, terming their offers “absurd".
Wadhawan, who proposed in October to pay more than ₹43,000 crore, has now requested the NCLT that he should be allowed to be a part of the CoC meetings as his plea to the administrator has not worked.
The erstwhile promoter has highlighted the efforts made by them after the eruption of the NBFC crisis in September 2018, to improve the state of the company.
Wadhawan also highlighted the efforts to ensure repayments to the creditors and the resolution plan offered by him without any haircut for the lenders to whom DHFL owes around ₹88,000 crore. The plea urged the bankruptcy court to direct that the resolution plan of DHFL be submitted to an independent expert appointed by NCLT along with the bids received from the four bidders.
