New Delhi: Kapil Wadhawan, the former promoter of Dewan Housing Finance Corporation Ltd (DHFL), has moved the National Company Law Appellate Tribunal (NCLAT) to challenge the initiation of personal insolvency proceedings against him by Union Bank of India for a 3,958-crore default.
The NCLAT heard the case briefly on Monday before it deferred the matter to 18 July without issuing a notice.
On 2 April, the Mumbai bench of the National Company Law Tribunal (NCLT) accepted Union Bank’s application to begin insolvency resolution proceedings against Wadhawan. On 20 March, the NCLT had admitted a similar application against his brother and co-promoter Dheeraj Wadhawan.
DHFL had taken various term loans exceeding 4,000 crore and working-ca…
Read the full article at: https://www.livemint.com/companies/news/kapil-wadhawan-moves-nclat-against-union-banks-insolvency-plea-over-rs-3-958-crore-default-11719819670649.html