The Supreme Court on Tuesday upheld the National Company Law Tribunal’s decision to initiate insolvency proceedings against Dewan Housing Finance Corp’s former promoters Dheeraj Wadhawan and Kapil Wadhawan, who stood as personal guarantors for loan facilities provided to the debt-laden firm.
A Bench led by Chief Justice Sanjiv Khanna dismissed Wadhwans’ appeal against the National Company Law Appellate Tribunal’s last year’s order that refused to entertain their pleas.
The Mumbai bench of the National Company Law Tribunal had admitted insolvency petitions filed by Union Bank of India to initiate insolvency proceedings against the duo for a default of Rs 3958 crore with interest and penalties in relation to the credit facilities….
