Relief for UBI: NCLT Declares Former DHFL Chairman Bankrupt Over Rs. 4,546 Crore DHFL Debt

The NCLT has declared former DHFL chairman Kapil Wadhawan bankrupt over a ₹4,546 crore debt owed to Union Bank of India (UBI). This landmark ruling is a major victory for the bank and a significant development in the insolvency resolution process. The decision holds the promoter personally liable for the company's debts and sets a strong precedent for holding promoters accountable for financial mismanagement. It also showcases the effectiveness of the Insolvency and Bankruptcy Code (IBC) in addressing large-scale corporate defaults. This ruling will likely encourage greater accountability and governance in the financial sector.