The National Company Law Tribunal (NCLT) has admitted Union Bank of Indias insolvency application against Kapil Wadhawan, former promoter of DHFL, for a Rs 3,958-crore default. Devendra Mehta is appointed as the resolution professional. DHFL s creditors, including FD holders, had recovered Rs 38,000 crore from Piramal Capital s acquisition in September 2021.
The Supreme Court reiterated that once a resolution plan is approved by the Committee of Creditors (“CoC”) then it becomes impermissible for the resolution applicant to withdraw or modify the.
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