 "Best of BS Opinion: DHFL resolution, the collapse of Indian cinema & more")
Dewan Housing Finance Corporation imploded after it made bad bets and failed to service its debt. Its promoter Kapil Wadhawan was imprisoned on charges of money laundering and diversion of bank funds. Later DHFL’s creditors and the Reserve Bank of India approved the Piramal group’s proposal to acquire it after an intense bidding war. Now, months later, the National Company Law Tribunal has directed lenders to reconsider Wadhawan’s proposal. This order not only defies logic but makes a mockery of the Insolvency and Bankruptcy Code which bars promoters from bidding for their defaulting companies. The idea should be rejected immediately, the top edit argues here.
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