Sure! Here’s a rewritten version of the provided content:
MUMBAI: The National Company Law Tribunal (NCLT) in Mumbai has declared Kapil Wadhawan, the former chairman of the now-defunct Dewan Housing Finance Corp (DHFL), bankrupt, following a petition filed by Union Bank of India to recover ₹4,546 crore.
The bankruptcy order was passed on August 14 after Wadhawan did not submit a repayment plan, despite multiple attempts by resolution professionals. The tribunal appointed Sanjay Kumar Mishra as the bankruptcy trustee to oversee the proceedings.
“The bankrupt (Wadhawan) must provide his statement of financial position to the Bankruptcy Trustee within seven days of this order,” stated the division bench comprising judicial member Lakshmi Gurung and technical member Hariharan N Iyer. “The trustee will manage the distribution of the bankrupt’s estate according to the provisions of the Code (IBC).”
DHFL had taken various term loans totaling about ₹4,000 crore and working capital loans of ₹450 crore. Kapil Wadhawan offered unconditional and irrevocable guarantees for the credit facilities provided by Union Bank of India, as well as Andhra Bank and Corporation Bank to DHFL.
On June 22, 2019, Wadhawan executed a joint deed of guarantee providing a personal guarantee for DHFL’s obligations amounting to ₹50,656 crore to a consortium of lenders led by Catalyst Trusteeship Ltd.
The tribunal noted that Wadhawan had not submitted any repayment proposal despite efforts from resolution professionals Devendra Mehta and Abhilash Lal. Consequently, during a lenders’ meeting on September 20, 2024, a unanimous decision was made to close the insolvency process and initiate bankruptcy proceedings.
This rewritten version maintains the original details while using a different phrasing style.
