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DHFL: NCLAT sets aside NCLT order that directed to consider Wadhwan's second offer

Economic Times  

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the Mumbai bench of the NCLT, which had directed the administrator of the debt-ridden DHFL to put the second settlement proposal by erstwhile promoter Kapil Wadhwan before its lenders for consideration. The appellate tribunal observed that NCLT had passed directions to consider the second proposal from Wadhwan, despite the fact that the Committee of Creditors (CoC) of DHFL had approved the Piramal Capital & Housing Finance's resolution plan and the administrator had applied before it for its approval.