Kapil Wadhawan's 2nd proposal must be tested on merit, put to vote: NCLT

Directs administrator to place proposal before the CoC and inform the outcome within 10 days

The Mumbai bench of the National Company Law Tribunal (NCLT) in its order in the Dewan Housing Finance Limited (DHFL) matter has said the second proposal of the erstwhile promoter, Kapil Wadhawan, deserves to be examined on merits and put to vote by the committee of creditors (CoC).

In its written order, the tribunal has said, "...the Adjudicating Authority is of the considered view that the 2nd proposal deserves to be examined on merits and put for deciding, voting of the members of CoC and if the same is commercially found not favourable with the COC members then the proposal