{"id":357231,"date":"2025-08-21T10:30:45","date_gmt":"2025-08-21T05:00:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=357231"},"modified":"2025-08-21T10:39:22","modified_gmt":"2025-08-21T05:09:22","slug":"cam-advises-union-bank-bankruptcy-petition-kapil-wadhawan-nclt","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/21\/cam-advises-union-bank-bankruptcy-petition-kapil-wadhawan-nclt\/","title":{"rendered":"CAM successfully advises Union Bank of India in Bankruptcy Petition Against Kapil Wadhawan; NCLT Mumbai Admits Petition"},"content":{"rendered":"
\n

The petition (“Bankruptcy Petition<\/span>”) filed by Union Bank of India (“UBI<\/span>”) under Section 123<\/a> of the Insolvency and Bankruptcy Code, 2016<\/a> (“Code<\/span>”) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019<\/a> (‘Bankruptcy Rules’<\/span>) for initiation of bankruptcy process against Kapil Wadhawan has been approved by the National Company Law Tribunal, Mumbai Bench (“NCLT<\/span>”) by its orders dated August 14, 2025.<\/p>\n

Kapil Wadhawan had executed a joint deed of personal guarantee to secure the credit facilities (“DHFL Facilities<\/span>”) extended to erstwhile Dewan Housing Finance Corporation Ltd. (“DHFL<\/span>”), not exceeding INR. 50,656.84 Crores. Upon defaults committed by DHFL under the Facilities, UBI invoked the personal guarantee and subsequently filed a petition under Section 95<\/a> of the Code<\/a> (“Section 95 Petition<\/span>”) seeking initiation of the personal insolvency resolution process against Kapil Wadhawan for unpaid dues amounting to approximately INR 3,958 crores, due as on August 31, 2020.<\/p>\n

The NCLT by its order dated April 2, 2024 (“Admission Order<\/span>”) had admitted the Section 95 Petition. The Admission Order was challenged by Kapil Wadhawan before the National Company Law Appellate Tribunal and the Supreme Court, and both forums upheld the admission of the Section 95 Petition, dismissing the challenges.<\/p>\n

Subsequently, due to non-submission of repayment plan by Kapil Wadhawan, the NCLT, by its order dated January 2, 2025, held that non-submission of repayment plan will tantamount to rejection of the repayment plan in accordance with Section 114<\/a> of the Code<\/a>, and consequences under Section 115(2) of the Code shall follow.<\/p>\n

Thereafter, UBI filed the Bankruptcy Petition seeking to initiate bankruptcy process against Kapil Wadhawan for his failure to pay INR 4,545 crores to UBI as on March 28, 2025. The NCLT admitted the Bankruptcy Petition by its order dated August 14, 2025 and appointed Mr. Sanjay Kumar Mishra as the bankruptcy trustee. <\/p>\n

The team comprised of Animesh Bisht<\/span>, Partner;<\/span> Aniruddh Gambhir<\/span>, Principal Associate;<\/span> and Pushkar Deo<\/span>, Associate.<\/span> The matter was led under the guidance and supervision of L. Viswanathan<\/span>, Senior Partner.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Kapil Wadhawan had executed a joint deed of personal guarantee to secure the credit facilities extended to erstwhile Dewan Housing Finance Corporation Ltd., not exceeding INR. 50,656.84 Crores.<\/p>\n","protected":false},"author":67011,"featured_media":357242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[87608,87609,30960,38679,6121,64652,81364,41302,31384,37898],"class_list":["post-357231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-bankruptcy-petition","tag-bankruptcy-process","tag-cyril-amarchand-mangaldas","tag-dhfl","tag-insolvency","tag-kapil-wadhawan","tag-legal-advisory","tag-nclt-mumbai","tag-personal-guarantee","tag-union-bank-of-india"],"yoast_head":"\nCAM Advises Union Bank of India in Bankruptcy Petition Against Kapil Wadhawan, NCLT Mumbai Admits Petition | SCC Times<\/title>\n<meta name=\"description\" content=\"Cyril Amarchand Mangaldas successfully advises Union Bank of India in its bankruptcy petition against Kapil Wadhawan, with NCLT Mumbai admitting the petition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/21\/cam-advises-union-bank-bankruptcy-petition-kapil-wadhawan-nclt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CAM successfully advises Union Bank of India in Bankruptcy Petition Against Kapil Wadhawan; 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Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member dismissed an interlocutory application filed against a personal guarantor under Section 95 (\"application by creditor to initiate insolvency resolution process\") of the Insolvency and Bankruptcy Code, 2016, finding that the Corporate Debtor concerned\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269879,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/11\/nclt-resolution-professional-submit-report-before-adjudicating-officer-order-insolvency-proceedings-company-corporate-law-legal-updates-research-news\/","url_meta":{"origin":357231,"position":4},"title":"NCLT| Can Resolution Professional\u00a0submit report prior to Adjudicating Authority\u2019s direction?","author":"Editor","date":"July 11, 2022","format":false,"excerpt":"National Company Law Tribunal, New Delhi: In a case where a Resolution Professional (RP) had submitted a report even prior to the order by the Adjudicating Authority that had appointed him, the bench of of H. V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member, has asked him\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":210477,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/21\/nclt-article-137-of-limitation-act-not-applicable-to-insolvency-application-under-s-7-ibc-where-corporate-debtor-acknowledges-debt-in-its-balance-sheet\/","url_meta":{"origin":357231,"position":5},"title":"NCLT | Article 137 of Limitation Act not applicable to insolvency application under S.7 IBC where corporate debtor acknowledges debt in its balance sheet","author":"Bhumika Indulia","date":"February 21, 2019","format":false,"excerpt":"National Company Law Tribunal, Mumbai:\u00a0The Bench of Bhaskara Pantula Mohan, Member (Judicial) and V. Nallasenapathy, Member (Technical) allowed a petition filed by TJSB Sahakari Bank (\"the Bank)\u00a0for admission of an application\u00a0under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/357231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=357231"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/357231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/357242"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=357231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=357231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=357231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}