Cyril Amarchand Mangaldas advised Union Bank of India in NCLT-approved Bankruptcy Petition against Kapil Wadhawan.
The leading law firm, Cyril Amarchand Mangaldas advised Union Bank of India (“UBI”) in connection with the petition filed under Section 123 of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking initiation of bankruptcy proceedings against Kapil Wadhawan.
The National Company Law Tribunal, Mumbai Bench (“NCLT”), by its order dated August 14, 2025, admitted the Bankruptcy Petition. Kapil Wadhawan had executed a joint deed of personal guarantee securing credit facilities extended to the erstwhile Dewan Housing Finance Corporation Ltd. (“DHFL”) not exceeding INR 50,656.84 crores. Following defaults by DHFL, UBI invoked the personal guarantee and filed a Section 95 Petition under the Code for unpaid dues of approximately INR 3,958 crores as of August 31, 2020.
The Section 95 Petition had earlier been admitted by the NCLT on April 2, 2024, and its admission was upheld by both the National Company Law Appellate Tribunal and the Supreme Court. Due to non-submission of a repayment plan by Kapil Wadhawan, the NCLT, by order dated January 2, 2025, treated it as a rejection under Section 114 of the Code. Thereafter, UBI filed the Bankruptcy Petition seeking recovery of INR 4,545 crores as of March 28, 2025. The NCLT admitted the petition and appointed Mr. Sanjay Kumar Mishra as bankruptcy trustee.
The Cyril Amarchand Mangaldas team advising UBI was led by Animesh Bisht (Partner), with support from Aniruddh Gambhir (Principal Associate) and Pushkar Deo (Associate), under the guidance and supervision of L. Viswanathan (Senior Partner).
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