DHFL administrator ‘rejects’ supply of Wadhawan to settle all lenders’ dues

The administrator of Dewan Housing Finance Company Ltd (DHFL) is known to have rejected the supply by the corporate’s promoter, Kapil Wadhawan, to settle all dues of the debt-laden agency. Individuals conversant in the event stated the authorized advisor to DHFL’s administrator R Subramaniakumar has rejected the supply on the grounds that Wadhawan has inflated the valuation of the properties and is attempting to derail the decision course of. It was identified that Wadhawan, who’s at present lodged in Taloja jail, is a respondent within the fraud circumstances already being heard and so can’t supply to settle the dues.

As reported by BusinessLine earlier, Wadhawan, in a nine-page letter dated October 17 to the DHFL Administrator, had supplied to settle all claims of the corporate and had proposed that he be allowed to switch the best, title and curiosity in these initiatives to make sure an entire decision of DHFL. He had additionally pegged the full estimated revenue from about 10 initiatives of DHFL at about ₹44,000 crore.

Sources additionally indicated that not one of the 4 entities is prone to revise their bids upwards and lenders could should proceed the decision course of with doubtlessly big losses.

Simply 4 entities — Oaktree Capital, SC Lowy, Adani Group and Piramal Capital and Housing Finance — have submitted bids for DHFL with the best being by Oaktree at about ₹28,000 crore.

The Committee of Collectors had requested them to lift the bid quantity by October 31.

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