Dewan Housing Finance Ltd (DHFL) erstwhile promoter Kapil Wadhawan has moved the Supreme Court against NCLAT’s order staying the ruling of the bankruptcy tribunal, which asked banks to consider his offer.

The plea seeking to place Wadhawan’s proposal before the entire committee of creditors (CoC) for their consideration was filed on Monday. But it is yet to be listed for hearing in the apex court.

On 19 May, the National Company Law Tribunal (NCLT) had directed lenders of DHFL to consider Wadhawan’s settlement proposal in the next ten days as it offered considerably more recovery to them than any other put on their plate.

Last week, the National Company Law Appellate Tribunal (NCLAT) stayed this order as it heard separate applications filed by the lenders and the RBI-appointed administrator of DHFL. In its appeal, the administrator termed the NCLT order as “illegal and in breach of settled provisions of law”. The insolvency law bars the promoter or management of any bankrupt company from bidding to get it back.

In December, Wadhawan had written to the administrator reiterating his offer to fully settle the outstanding principal of Rs 91,158 crore to the creditors, including Rs 43,000 crore in the initial few years.

NCLT’s order came after both CoC and the Reserve Bank of India (RBI) approved the Piramal Group’s proposal to acquire DHFL. The NCLT had to give its approval for closure of the process.

Following the NCLT order, the Piramal group had moved the appellate tribunal stating that “the impugned order throws open floodgates of litigation from all sundry … the adjudicating authority had no jurisdiction to entertain any application while ignoring the statutory timelines under Section 12A of the IBC”.

The NCLAT asked Wadhawan to file a reply within two weeks. The matter will be up for hearing again on 25 June. But before that, Wadhawan has moved the SC.

The bankers are reluctant to consider Wadhawan’s settlement offer because the account was declared “fraud” by them.