The case involves an application filed by Mr. Kapil Wadhawan, a promoter of Dewan Housing Finance Limited (DHFL), a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). The application seeks directions to Respondent No. 3 (Reserve Bank of India - RBI), through Respondent No. 1 (Administrator of DHFL), to place settlement proposals made by the Applicant before Respondent No. 2 (Committee of Creditors - CoC) for consideration. The RBI had initiated CIRP against DHFL due to defaults in payment obligations and concerns over governance. The Applicant claims that his settlement proposals offer a higher value than the resolution plans received from other applicants and would ensure full repayment to creditors, particularly small investors. The CoC and
…1. Dewan Housing Finance Limited (DHFL) is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Reserve Bank of India (RBI) due to defaults in payment obligations and governance concerns.
2. Mr. Kapil Wadhawan, a promoter of DHFL, filed an application seeking directions to the RBI and the Administrator of DHFL to place his settlement proposals before the Committee of Creditors (CoC).
3. The Applicant submitted two settlement proposals, one on December 13, 2020, and another on December 29, 2020, offering a higher value than the resolution plans received from other applicants.
4. The Applicant claims that his proposals would ensure full repayment to creditors, particularly small investors, and maximize the value of DHFL's assets.
5. The Administrator
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Reserve Bank of India (RBI) exercised powers…
RBI constituted a three-member Advisory…
The case involves an application filed by Mr. Kapil Wadhawan, a promoter of Dewan Housing Finance Limited (DHFL), a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). The application seeks directions to Respondent No. 3 (Reserve Bank of India - RBI), through Respondent No. 1 (Administrator of DHFL), to place settlement proposals made by the Applicant before Respondent No. 2 (Committee of Creditors - CoC) for consideration. The RBI had initiated CIRP against DHFL due to defaults in payment obligations and concerns over governance. The Applicant claims that his settlement proposals offer a higher value than the resolution plans received from other applicants and would ensure full repayment to creditors, particularly small investors. The CoC and
…1. Dewan Housing Finance Limited (DHFL) is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Reserve Bank of India (RBI) due to defaults in payment obligations and governance concerns.
2. Mr. Kapil Wadhawan, a promoter of DHFL, filed an application seeking directions to the RBI and the Administrator of DHFL to place his settlement proposals before the Committee of Creditors (CoC).
3. The Applicant submitted two settlement proposals, one on December 13, 2020, and another on December 29, 2020, offering a higher value than the resolution plans received from other applicants.
4. The Applicant claims that his proposals would ensure full repayment to creditors, particularly small investors, and maximize the value of DHFL's assets.
5. The Administrator
Reserve Bank of India (RBI) exercised powers…
RBI constituted a three-member Advisory…