Allowing Wadhawan to present settlement offer could derail DHFL resolution process: RBI

May 21, 2021
Kapil Wadhawan (file photo)   -  Business Line×
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The Central bank, in its affidavit to the NCLT , noted that Wadhawan is in judicial custody with proceedings against him on allegations of cheating, fraud, among others
Permitting Kapil Wadhawan, erstwhile promoter DHFL to present a settlement offer would enable him to benefit from his own wrong and could eventually lead to the liquidation of the company, the Reserve Bank of India has submitted to the National Company Law Tribunal (NCLT).
“...affording the Applicant even an opportunity of presenting a purported settlement offer may amount to permitting the Applicant to take benefit of its own wrong, which led to complete downfall of DHFL and resultantly, the various stakeholders,” the RBI said in its affidavit to the NCLT, noting that Wadhawan is in judicial custody with proceedings against him on allegations of cheating, fraud, siphoning of funds and such other serious offences.

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