Unnecessary deviation

DHFL should not go back to its erstwhile promoter

The National Company Law Tribunal’s (NCLT’s) direction to the lenders of Dewan Housing Finance Corp Ltd (DHFL) to consider the offer made by former promoter Kapil Wadhawan is devoid of logic. The unexpected turn came months after both the Committee of Creditors (CoC) and the Reserve Bank of India (RBI) approved the Piramal group’s proposal to acquire DHFL. Mr Wadhawan, who is now in prison on charges of money laundering and diverting bank funds, had earlier offered to pay the total outstanding principal worth Rs 91,158 crore to the creditors over a period of time. According to the Piramal group’s