mumbai in a victory for lenders to dhfl the national company law appellate tribunal nclat has stayed an order by the lower court asking banks to consider a proposal made by promoter kapil wadhawan for a onetime settlement lenders had appealed against the order as they felt it was not legally possible to do a onetime settlement with the promoter facing an investigation for fraudthe order is also a relief to the piramal group which got into a pitched bidding war with private equity firm oaktree to acquire the housing finance company the piramal group had also appealed against the earlier order by the national company law tribunal nclt besides the reserve bank of indiaappointed administrator r subramaniakumar as well as the committee of creditors who had voted in favour of the sale to piramalwhile the matter will be heard next on june 25 the nclat has said that the hearing should not come in the way of the nclt deciding on the lenders application to accept the proposal from the piramal group the resolution plan of piramal is now in the last stage awaiting clearance from the nclt it had earlier received approval from the rbi and the competition commission of indiaamid the resolution process the administrator had received a letter from wadhawan where he claimed he could repay bankers by liquidating personal assets banks had discussed the letter in their meeting but did not see any merit in it and felt it was aimed at creating grounds for litigation and delaying the process according to lenders the letter was neither a resolution plan under the insolvency process nor was it a onetime settlement offerlenders were hopeful of completing the transaction in the first quarter although the loan has been fully provided for in their books the transaction would have enabled lenders to show a higher recovery that would make up for some of the additional provisions they would need to make on account of the pandemic sbi has the biggest exposure to dhfl of around rs 10000 crore followed by union bank of india canara bank national housing bank bank of india and bank of baroda