Kapil Wadhawan has written to the Administrator appointed by the Reserve Bank of India offering his title, rights, and interest in a minimum of 10 projects in his insolvent non-bank lenders, claiming that he has valued them at Rs 43,879 crore for the proposed settlement.
Mumbai: Jailed promoter Kapil Wadhawan of the troubled Dewan Housing Finance Corporation Limited (DHFL NSE 9.92%) has offered to settle all claims and debts of his now insolvent non-bank lender so far.
Wadhawan has written to the Administrator appointed by the Reserve Bank of India, offering his title, rights, and interest in at least 10 projects, claiming that the settlement is worth ₹ 43,879 crores.
Last year, the RBI referred DHFL for insolvency proceedings. DHFL is facing claims of more than ₹ 94,900 crores from financial creditors.
Wadhawan stated that “at the time of submission of resolution plan, some of these projects had cash flow assessment reports of reputed and internationally acclaimed external valuers, who collectively, have given importance to projects worth Rs 43,879 crore”. Letter had been sent from Taloja Jail on the outskirts of Mumbai, where he and brother Dheeraj are currently closed.
Projects include, such as Juhu Galli Project (potential revenue of approximately ₹ 32,000 crores) and Irla Project (potential revenue of approximately ₹ 4,400 crores). They are critically to resolve all existing issues and will enable a successful resolution, Wadhawan said in a letter addressed to R. Subramani Kumar.
He said that the Adani Group and Piramal Group were interested in developing these projects and were signed after due diligence to enter into development management agreements. “, These projects are now being offered at your disposal so that the lenders of DHFL are often monetized with the maximum value mostly reasonable to make sure the repayment.”
When contacted, Wadhawan’s lawyer Vijay Agarwal told ET, “My client wants to cooperate in the resolution of the case and wants to see that every penny is paid, but the limit is that they are in custody. Their offering even their other assets reflect their destiny (intention). In India, in case of default, the person is arrested and jeopardized by unlocking the maximum possible value of the property. ”
Some of the projects cited by Wadhawan are being investigated by the Enforcement Directorate, which is within the process of temporarily engaging them under the Prevention of Money Laundering Act (PMLA) for ‘crime proceedings’.
A senior official told ET, “He (Wadhawan) might offer them, but many of them are tainted assets under investigation and thus, the agency will challenge them before the competent body.”