On Tuesday, the National Company Law Tribunal stays an order by Mumbai NCLTs order. This order was directed to the administrators of Dewan Housing Finance for the settlement of an proposal by the former promoter Kapil Wadhawan and presently who is in the jail for some alleged misdeeds.
An order stayed which was passed by the National Company Law Tribunal , Mumbai Chapter on May 19. This order issued from the Divisional Bench, headed by the Justice AIS Cheema and VP Singh.
RBI has appointed some committees of administrators, they were the committee of creditors and Piramal Group, for the filing of three application for challenging the order in the goodness of the outsted promoter. Tushar Mehta, who is the Solicitor General of India. He was the one who appeared for the committee of creditors and he argued that the order which was issued by the NCLT will damage the entire system of IBC.
He said that the “ Most of the Investigation agencies are investigating and that it is something not looked upon by the National Company Law Tribunal. By that, in the absence of all these clarifications the approval for the plan would been delayed. The ₹87,000 odd crore debt, the company owes close to the ₹40, 000 crore to the Banks.