Mumbai: Lenders to Dewan Housing Finance Corp Ltd have moved the Mumbai bench of National Company Law Tribunal (NCLT) to initiate personal insolvency proceedings against the erstwhile promoters Kapil and Dheeraj Wadhwan, according to a person aware of the matter.
DHFL owes 87,031 crore from financial creditors, including 39,000 crore from banks. “We will contact Catalyst Trusteeship Ltd (CTL) and see if they can join it or perhaps if they can ask banks to reduce their recovery in the resolution proportional to the recovery from Wadhawans if any,” said one of the bondholders who spoke on condition of anonymity.
Union Bank of India, the lead bank has filed the case on behalf of all lenders against the entire exposure of 38,000 crore. A…
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