NCLAT sets aside order that directed to consider Kapil Wadhawan’s 2nd offer

Citing a recent judgement passed by the Supreme Court in the case of Ebix Singapore, the NCLAT said “there was no scope for negotiations between the parties once the CoC has approved the resolution plan”.

“The said exercise was beyond the jurisdiction of the adjudicating authority (NCLT), hence unsustainable and liable to be set aside,” said a three-member NCLAT bench in its judgement passed on January 27, 2022.

The NCLAT direction came over a batch of petitions filed by Union Bank of India on behalf of the CoC, DHFL’s Administrator and Piramal Capital & Housing Finance — successful resolution applicant challenging NCLT order.

On May 19, 2021, the NCLT had directed the administrator of DHFL to place the second offer by Wadhwan before CoC for consideration, decision, voting and to inform it within 10 days. with pti