By Rituraj Baruah

Mumbai, Nov 11 (IANS): Reiterating his proposal to pay back the lenders of the bankrupt NBFC Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan, promoter of the company, has sought its administrator's permission to be present at the next meeting of its Committee of Creditors (CoC).

In a letter to the RBI-appointed administrator of DHFL, R. Subramaniakumar, the promoter said that the revised bids received for the resolution process of DHFL are "abysmally low" and they would result in a haircut of around 60 per cent.

Stating that he can help in better assessment of the assets of the bankrupt company, he said: "If I am provided access to the records and documents of the company, I will be in a position to make a propose assessment basis the latest numbers and make a proposal setting out the necessary upfront and deferred payment components which will provide maximum value realisation for all stakeholders."

According to him, the bids will only result in massive loss of public money and will substantially benefit a few.

"I earnestly request you to allow me to participate in the next meeting of the Committee of Creditors and put forth some of these thoughts before the Committee of Creditors on video conference to constructively aid in the resolution process of DHFL," said the letter, which has also been marked to the Prime Minister, Corporate Affairs and Finance Ministries along with the RBI Governor.

Last month, Wadhawan had offered the monetisation of his family's properties which he says are worth around Rs 43,000 crore for repayment towards the lenders.

Later, Subramaniakumar, the RBI-appointed administrator for DHFL in response to his letter said that Wadhawan's offer to assist the resolution process through monetisation of his family and personal assets is based on untenable legal grounds and the property values as stated by Wadhawan are grossly inflated.