NCLT Declares Former Promoter of Dewan Housing Finance Corporation (DHFL) Kapil Wadhawan as Bankrupt

The National Company Law Tribunal (NCLT) has declared Kapil Wadhawan, the former promoter of Dewan Housing Finance Corporation (DHFL), bankrupt under the Insolvency and Bankruptcy Code (IBC).

This move follows a petition by creditors seeking to recover debts from Wadhawan personally, separate from the corporate resolution process already completed for DHFL.

The bankruptcy declaration allows creditors to liquidate Wadhawan’s personal assets to settle outstanding dues. Wadhawan, facing multiple investigations, including allegations of fraud and money laundering, had opposed the petition. 

[Union Bank of India v Kapil Wadhawan]