Banks file application in NCLAT on DHFL
May 24, 2021
Banks challenge NCLT order directing DHFL’s CoC to consider former promoter Kapil Wadhawan’s offer
The Administrator and lenders to troubled Dewan Housing Finance Corporation Ltd (DHFL) have filed two applications in the National Company Law Appellate Tribunal (NCLAT).
These have been filed challenging the National Company Law Tribunal order which directed DHFL’s Committee of Creditors to consider the offer made by its former promoter Kapil Wadhawan within the next 10 days.
Sources said that there are concerns that such a move will derail the resolution process of DHFL and could also set a bad precedent.
Synopsis
Sources said homebuyers representative in the panel will this week conduct a voting process for flatowners to decide whether extra time should be given to both the bidders NBCC and Suraksha.
Agencies
In December 2019, the CoC, comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with a 97.36 per cent vote in favour during the third round of the bidding process.
Jaypee Infratech s financial creditors have decided to defer the voting process on Suraksha group s bid, that was scheduled to start from Monday noon, to acquire the troubled realty firm through insolvency. The decision to defer the voting was taken on Monday morning in a meeting of the Committee of Creditors (CoC), which was called after
After NBCC salvo, Jaypee s CoC to meet on May 24 ahead of voting on Suraksha bid
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After NBCC salvo, Jaypee s CoC to meet on May 24 ahead of voting on Suraksha bidPTI
Last Updated: May 23, 2021, 03:50 PM IST
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Synopsis
On May 20, the Committee of Creditors (CoC) approved Suraksha group s bid and rejected the offer made by NBCC, which on May 22, shot off a strongly-worded letter to JIL s Interim Resolution Professional (IRP) questioning his jurisdiction.
Homebuyers claim amounting to Rs 13,364 crore and lenders claims worth Rs 9,783 crore were admitted last year.
The creditors panel of
Jaypee Infratech Ltd (JIL) will hold a meeting in the morning on May 24 to discuss submissions made by state-owned
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SC ruling on personal guarantees in corporate bankruptcies is welcome, but NCLT is not in sync
There have been two important, and in fact contrary, developments regarding insolvency and bankruptcy laws last week. A positive development was the Supreme Court ruling that creditors can initiate proceedings against personal guarantors of a corporate debtor, and even after approval of a resolution plan. This will facilitate more effective resolutions of corporate insolvencies and better recoveries for banks. The apex court has now clarified that the surety or guarantee arises from an independent contract with the creditors
vis-a-vis the resolution plan, thereby upholding the notification of the Centre issued in November 2019 in this regard. Therefore, parallel proceedings against the corporate debtor and their personal guarantor will now come under a common adjudicator the NCLT. The NCLT shall have a fair view of the assets available to settle dues of cred
Homebuyers associations have approached the insolvency resolution professional with their demand to adhere to the timelines without offering any further extensions and avoid litigations to ensure the resolution is successfully completed this time.