Some promoters of Indian companies never cease to surprise. Even as the Appellate Tribunal stayed the National Company Law Tribunal (NCLT) order directing the lenders of Dewan Housing Finance Ltd (DHFL) to consider Kapil Wadhawan’s offer, another Indian promoter last week decided to try his luck to derail the insolvency resolution process of one of his group companies.
Manoj Gaur, executive chairman of Jaiprakash Associates, wrote to the committee of creditors at Jaypee Infratech, proposing to settle the company’s dues in full “in the interest of homebuyers”. This, at a time when the company’s insolvency process is in the final stages.
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