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No backdoor entry

Promoters should not be allowed to delay insolvency resolution

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All lenders have made substantial provisions for their exposure to DHFL. This is the first case of finance company being taken under IBC and regulator Reserve Bank of India is keen to see effective resolution in this case

Business Standard Editorial Comment New Delhi

3 min read Last Updated : Jun 08 2021 | 10:14 PM IST

The drama over Dewan Housing Finance Corp Ltd (DHFL) is another example of how company promoters put in last-minute roadblocks to delay the resolution process. The Mumbai Bench of the National Company Law Tribunal (NCLT) did well to approve the resolution plan submitted by Piramal Group. But the process will take some more time, as Kapil Wadhawan has approached the Supreme Court, which is yet to take a view on the matter.

Mr Wadhawan, who is in prison on charges of diverting funds and money laundering, had offered to pay the total outstanding principal of about Rs 91,000 crore. In

Topics : Reserve Bank of India Insolvency and Bankruptcy Code DHFL NCLT Piramal Group NCLAT Enforcement Directorate Indian promoters

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