{"id":22981,"date":"2020-09-18T23:12:24","date_gmt":"2020-09-18T23:12:24","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=22981"},"modified":"2020-09-18T23:12:24","modified_gmt":"2020-09-18T23:12:24","slug":"dhfl-union-bank-issues-demand-notice-to-wadhawans","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=22981","title":{"rendered":"DHFL: Union Bank issues demand notice to Wadhawans"},"content":{"rendered":"<p><\/p>\n<div><span class=\"custom-caption\"><img decoding=\"async\" class=\"lazy lazy-hidden\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/1-646.jpg\" alt=\"The bank plans to move the National Company Law Tribunal (NCLT) for filing personal insolvency petition against promoters, if the payment is not received by end of this month.\"\/><noscript><img decoding=\"async\" src=\"https:\/\/images.financialexpress.com\/2020\/09\/1-646.jpg\" alt=\"The bank plans to move the National Company Law Tribunal (NCLT) for filing personal insolvency petition against promoters, if the payment is not received by end of this month.\"\/><\/noscript><span class=\"article-caption\">The bank plans to move the National Company Law Tribunal (NCLT) for filing personal insolvency petition against promoters, if the payment is not received by end of this month.<\/span><\/p>\n<p><strong>By Ankur Mishra<\/strong><\/p>\n<p>Public sector lender <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/union-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">Union Bank of India<\/a> has sent a demand notice to promoters of <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/dewan-housing-finance-corporation-ltd-stock-price\/\" rel=\"noopener noreferrer\">Dewan Housing Finance Corporation<\/a> (DHFL) Kapil and Dheeraj Wadhawan for recovering Rs 3,000 crore for which personal guarantees were given, sources familiar with the matter told FE. The bank plans to move the National Company Law Tribunal (NCLT) for filing personal insolvency petition against promoters, if the payment is not received by end of this month.<\/p>\n<p>\u201cWe have formally sent a demand notice to Kapil and Dheeraj Wadhawan. We will wait till the end of this month for payment, before filing a petition at NCLT,\u201d a senior bank official told FE. According to an amendment to the Insolvency and Bankruptcy Code (IBC) in December 2019, creditors can file insolvency application against personal guarantors before the NCLT.<\/p>\n<p>FE had reported earlier that the Department of Financial Services (DFS) had written to banks on personal insolvency petitions. DFS had asked banks to put in place a mechanism to monitor cases, which could require initiation of individual insolvency proceedings at NCLT against personal guarantors in corporate loans.<\/p>\n<p>DHFL\u2019s administrator R Subramaniakumar had earlier moved NCLT against 87 respondents, including Kapil and Dheeraj Wadhawan, on the alleged fraud detected in giving loans. The application was moved after fraudulent transactions worth Rs 14,046 crore were found in the initial report of Grant Thornton.<\/p>\n<p>In a committee of creditors\u2019 (CoC\u2019s) meeting held last week, DHFL administrator R Subramaniakumar said five serious bidders were conducting due diligence for the company. DHFL had earlier shortlisted 22 applicants for the company. The mortgage lender had given applicants the option to bid for the whole company or in parts. Of the total applicants, 14 had submitted expressions of interest (EoIs) for the entire business of DHFL. KKR India Financial Services, Welspun Group, Adani Group, Oaktree Capital and Bain Capital were among those who placed EoIs to take over the entire business.<\/p>\n<p>DHFL has been undergoing insolvency proceedings at the NCLT in Mumbai since December 3, 2019. The admitted claims of financial creditors from DHFL stood at Rs 87,120 crore as on September 10. The lead creditors include <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">State Bank of India<\/a> (<a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">SBI<\/a>), Union Bank of India, Bank of India, <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/canara-bank-stock-price\/\" rel=\"noopener noreferrer\">Canara Bank<\/a>.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<p><\/span><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/dhfl-union-bank-issues-demand-notice-to-wadhawans\/2086764\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank plans to move the National Company Law Tribunal (NCLT) for filing personal insolvency petition against promoters, if the payment is not received by end of this month. By Ankur Mishra Public sector lender Union Bank of India has sent a demand notice to promoters of Dewan Housing Finance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22982,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-22981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/09\/1-646.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/22981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22981"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/22981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/22982"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}