The Mumbai bench of the National Company Law Tribunal directed the Reserve Bank of India to place the settlement proposals of Kapil Wadhawan before DHFL's Committee of Creditors, under section 60(5), 227, and 239 (2) of the Insolvency and Bankruptcy Code, 2016.

Share Market Live

NSE

Kapil Wadhawan had offered to pay Rs 91,000 crore to the company's lenders, and NCLT had given the lenders ten days to consider the offer.

The court had pronounced a verbal order earlier on Wednesday, but the written order was released on Friday. The order comes even as the same court is hearing another matter involving a fraud claim against the promoters of DHFL.

RBI had exercised its power under the section 45-IE of the Reserve Bank of India Act, 1934 and superseded the Board of Directors of DHFL by appointed R Subramaniakumar as the chief. It then filed for the invitation of the insolvency resolution process that was admitted by NCLT.

To be updated.

First Published:May 21, 2021 11:36 AM IST