The case involves appeals against a common impugned order dated May 19, 2021, passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench II, in I.A. No. 2431 of 2020 in Company Petition (I.B.) No. 4258/MB/C-II/2019. The Adjudicating Authority had directed the Administrator of DHFL to place a settlement proposal by Mr. Kapil Wadhawan before the CoC for consideration. The Union Bank of India, on behalf of the CoC of DHFL, filed an appeal against this order. The core issue revolves around whether the Adjudicating Authority can direct the CoC to consider a settlement proposal after the CoC has already approved a resolution plan but before the Adjudicating Authority has approved it.
The Union Bank of India, representing the Committee of Creditors (CoC) of Dewan Housing Finance Corporation Limited (DHFL), filed appeals against an order passed by the Adjudicating Authority/National Company Law Tribunal (NCLT), Mumbai Bench II. The NCLT's order directed the Administrator of DHFL to place a settlement proposal from Mr. Kapil Wadhawan, a former promoter of DHFL, before the CoC for consideration. This direction was given despite the CoC having already approved a resolution plan submitted by Piramal Group. The CoC argued that the NCLT's order was in contravention of the Insolvency and Bankruptcy Code (IBC) and the CIRP Regulations, as it compelled the CoC to consider an offer that did not comply with the RFRP or Section 12A of the Code. Mr. Wadhawan's
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Reserve Bank of India superseded the Board…
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The case involves appeals against a common impugned order dated May 19, 2021, passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench II, in I.A. No. 2431 of 2020 in Company Petition (I.B.) No. 4258/MB/C-II/2019. The Adjudicating Authority had directed the Administrator of DHFL to place a settlement proposal by Mr. Kapil Wadhawan before the CoC for consideration. The Union Bank of India, on behalf of the CoC of DHFL, filed an appeal against this order. The core issue revolves around whether the Adjudicating Authority can direct the CoC to consider a settlement proposal after the CoC has already approved a resolution plan but before the Adjudicating Authority has approved it.
The Union Bank of India, representing the Committee of Creditors (CoC) of Dewan Housing Finance Corporation Limited (DHFL), filed appeals against an order passed by the Adjudicating Authority/National Company Law Tribunal (NCLT), Mumbai Bench II. The NCLT's order directed the Administrator of DHFL to place a settlement proposal from Mr. Kapil Wadhawan, a former promoter of DHFL, before the CoC for consideration. This direction was given despite the CoC having already approved a resolution plan submitted by Piramal Group. The CoC argued that the NCLT's order was in contravention of the Insolvency and Bankruptcy Code (IBC) and the CIRP Regulations, as it compelled the CoC to consider an offer that did not comply with the RFRP or Section 12A of the Code. Mr. Wadhawan's
…Reserve Bank of India superseded the Board…
RBI initiated insolvency proceedings against…