NCLT declares former DHFL promoter Kapil Wadhawan bankrupt

The NCLT has declared Kapil Wadhawan, the former promoter of DHFL, as bankrupt. This ruling, which follows a petition from Union Bank of India, holds the promoter personally responsible for DHFL's debts. This is a significant development in the Indian insolvency landscape, as it reinforces the principle that promoters cannot escape their personal liabilities even after the company has undergone insolvency proceedings.