Kapil Wadhawan, the erstwhile promoter of the Dewan Housing Finance Corporation Ltd (DHFL) has moved the National Company Law Tribunal against the RBI-appointed administrator and the Committee of Creditors of the bankrupt NBFC.
In the application dated November 24, Wadhawan described the bids received for the resolution of DHFL as "absurd".
Saying that the administrator has not agreed to his pleas of being allowed to be part of the CoC meetings and assist in the resolution process, Wadhawan has asked the tribunal to direct the administrator to let him participate in the CoC meeting.
He also asked the Mumbai-bench of the NCLT to direct both the CoC and the administrator to consider the financial package for revival of DHFL prepared in pursuance of June 7 Circular with discussion and modification, as may be necessary.
"The Tribunal be pleased to permit the applicant (without prejudice to his rights and contentions in the pending proceedings) to address and assist the Committee of Creditors to appreciate and consider the bids being received for DHFL in the proper perspective and to permit the applicant to assist in the CIRP process," the plea said.
"Tribunal be pleased to direct that Resolution Plan 2019 (Exhibit A hereto) be submitted to an independent expert appointed by this tribunal along with the bids received from the resolution applicants and the independent expert be directed to submit a report to this Tribunal giving the expert's opinion with regard to the most appropriate plan to be considered in the interest of all the stakeholders and public at large," Wadhawan wrote in his application.
He laid the steps taken to revive DHFL after the September 2018 crisis, which include the resolution plan without any haircut.
He also urged the NCLT bench to direct the administrator to give access to the applicant or his representatives to all the documents and records of DHFL including documents.
"Pending the hearing and final disposal of the present Application, this tribunal be pleased to direct Respondents to defer the consideration on bids received," he said.
He said that that DHFL has cash balances, investments and real estate worth more than Rs 16,000 crore
Wadhawan said: "The applicant is given to understand that the upfront amounts of the bids is less than the aforesaid amount and in effect, the bidders will utilise the cash and investments of DHFL itself to pay the upfront amount and the accruals from the business of DHFL to defray the balance without the bidders having to contribute any amount of any real significance for the purpose of acquiring DHFL."
Currently, Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy are in the fray.
Recently, the Adani Group offered to further enhance its bid for the DHFL and has shown interest in bidding for the entire portfolio of the bankrupt company.
According to sources, Adani Group representatives in a meeting with the lenders on the matter wherein they offered to pay more the bidding amount pegged by Oaktree, the highest bidder so far. The company has also written to the lenders -- Committee of Creditors (CoC) -- on the same.
The Adani offer came as a surprise as it came just after all the four companies put in their revised offers, which also led to objections being raised by Piramal.
Wadhawan had earlier written to the RBI-appointed administrator of DHFL, R. Subramaniakumar reiterating his proposal to pay back the lenders and also sought the administrator's permission to be present at the next meeting of the CoC.
In a letter to the RBI-appointed administrator of DHFL, R Subramaniakumar, the promoter said that the revised bids received for the resolution process of DHFL are "abysmally low" and they would result in a haircut of around 60 per cent.
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