Kapil Wadhawan moves NCLAT against Union Bank’s insolvency plea over ₹3,958-crore default

Kapil Wadhawan, former promoter of Dewan Housing Finance Corporation Ltd (DHFL), has challenged personal insolvency proceedings initiated by Union Bank of India for a ₹3,958-crore default before the National Company Law Appellate Tribunal (NCLAT). The NCLAT heard the case on Monday but deferred the matter to 18 July without issuing a notice. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) admitted the bank's application on 2 April, following a similar admission against Wadhawan's brother, Dheeraj. Wadhawan argued that the security trustee, not individual lenders, should have initiated legal action, but the tribunal rejected this argument, emphasizing increased scrutiny on personal guarantors.