The National Company Law Tribunal (NCLT) had directed lenders of bankrupt Dewan Housing Finance Corp Ltd (DHFL) to consider the offer made by former promoter Kapil Wadhawan, who has proposed to fully settle the mortgage lender’s Rs 91,000 crore dues, including Rs 43,000 crore in the initial few years.

The tribunal’s Mumbai bench asked DHFL’s committee of creditors (CoC) to meet within 10 working days to consider Wadhawan’s offer. The surprise turn comes at a time when both CoC and the Reserve Bank of India have already approved the Piramal Group’s proposal to acquire DHFL, and the proposal is before NCLT.

Wadhawan, who is facing charges of money laundering and diversion of bank funds, has repeatedly accused DHFL’s lenders of selling the company much below its fair value.

Last November, Wadhawan requested an RBI-appointed DHFL administrator to be included in the bidding process, but the lenders chose to go for Piramal, which emerged as the highest bidder after an intense bidding war between Oaktree Capital, Adani group and distressed assets buyer SC Lowy.

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Dewan Housing Finance Corp Ltd (DHFL)-View Detailed Analysis