DHFL's Kapil Wadhawan offers to repay lenders, tells administrator he can ensure maximum value for the company

These projects, he claimed, would be the key to resolving the existing issues and enabling a successful resolution. At the stage of the development plan, even with the 15 percent development fee being charged by reputed developers and conservative cash flow estimates, Wadhawan claimed that all the lenders of DHFL could be repaid without any haircut on the principal amount.

Senior banking executives with large exposure to DHFL said that the letter was not addressed to them, but they had heard of the contents from the administrator. Some opined that Wadhawan, currently facing allegations of serious fraud cannot be given control of the firm, and accepting his proposal would be a violation of the Insolvency and Bankruptcy Code, which prohibits defaulters from participating in the resolution plan under Section 29A.

CNBC-TV18 reported earlier that four suitors had submitted bids to acquire DHFL, with US-based distressed asset fund Oaktree Capital offering to acquire the entire portfolio for Rs 28,000 crore, leading to a 30 percent plus recovery for the financial creditors who have made claims of over Rs 87,000 crore against the firm under IBC.