In the motion dated November 24, Wadhawan called the offers received for DHFL’s resolution “absurd.”
Claiming that the administrator did not agree to his requests to be allowed to attend the CoC meetings and help with the resolution process, Wadhawan asked the court to order the administrator to let him attend the meeting of the CoC. CoC.
He also asked the Mumbai bench of the NCLT to order both the CdC and the administrator to examine the financial package for the relaunch of DHFL prepared in accordance with the circular of June 7 with discussion and modification, if necessary.
“The Tribunal is pleased to authorize the Applicant (without prejudice to its rights and claims in the pending proceedings) to address the Creditors Committee and assist it in assessing and considering the offers received for DHFL in the appropriate perspective and allow the claimant to assist in the CIRP process, ”the advocacy said.
“The Tribunal is pleased to order that the 2019 resolution plan (Exhibit A attached) be submitted to an independent expert appointed by this tribunal with the offers received from resolution seekers and that the independent expert be invited to submit a report to that tribunal giving the expert opinion on the most appropriate plan to consider in the interest of all stakeholders and the general public, ”Wadhawan wrote in his application.
He outlined the steps taken to revive DHFL after the September 2018 crisis, which includes the resolution plan without any haircuts.
He also urged the NCLT bench to order the administrator to give the applicant or their representatives access to all documents and records of DHFL, including the documents.
“Pending the hearing and final settlement of this complaint, this tribunal is pleased to order the defendants to defer consideration of the offers received,” he said.
He said DHFL had cash balances, investments and real estate worth over Rs 16,000 crore
Wadhawan said, “The applicant should understand that the initial bid amounts are less than the above amount and, in fact, the bidders will use the cash and investments of DHFL itself to pay the initial amount and accrued liabilities of the company of DHFL to defray the balance without the bidders having to contribute any amount of any material for the purposes of the acquisition of DHFL. “
Recently, the Adani group offered to further improve their bid for DHFL and expressed interest in bidding for the entire portfolio of the bankrupt company.
According to sources, representatives of the Adani Group in a meeting with the lenders on the matter offered to pay more than the amount of the auction set by Oaktree, the highest bidder to date. The company has also written to lenders – the Creditors Committee (CoC) – about this.
Adani’s offer came as a surprise as it came right after the four companies presented their revised offers, which also led to objections from Piramal.
Wadhawan had earlier written to RBI-appointed DHFL administrator R. Subramaniakumar, reiterating his offer to reimburse the lenders and also requested the administrator’s permission to attend the next CoC meeting.
In a letter to RBI-appointed DHFL administrator R. Subramaniakumar, the promoter said the revised offers received for the DHFL resolution process are “extremely low” and would result in a discount of approximately 60 percent.