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3. Company Appeal (AT) (Ins.) No. 370 of 2021 is filed by Union Bank of India on behalf of the Committee of Creditors against the Order dated May 19, 2021, passed in IA No.2431 of 2021 in CP No.4258 of 2019, whereby the Adjudicating Authority / NCLT has inter alia directed the Respondent No.2, i.e. the Administrator of DHFL (for brevity 'Administrator') to place the letter dated December 29 2021 (second settlement offer) sent by Respondent No.1 i.e. Mr Kapil Wadhwan erstwhile Promoter and Director of DHFL before the CoC for its consideration, decision, voting and inform to the Adjudicating Authority the outcome of the same within 10 days from the date of impugned order-I. Accordingly, in the impugned order-I, the following direction given as under has been issued by the Adjudicating Authority :

7.4 Respondent No. 1 further argued that the Resolution Plan of Piramal is not in the interest of creditors, and therefore the 'second settlement proposal' Company Appeal (AT) (Insolvency) No. 370, 376-377 & 393 of 2021 15 of 44 must be considered. Piramal offers a far low amount than can be recovered even if DHFL was run by an Administrator appointed by Respondent No. 3.

8. IIIrd Respondents /Reserve Bank of India's Submission

1. INITIATION OF CIRP OF DHFL

a) The Appellant's in the captioned appeals have challenged the Order passed by the Adjudicating Authority/NCLT dated May 19, 2020, in Interlocutory Application being IANo. 2431 of 2020, directing the Administrator of the DHFL to convene a CoC meeting and place the 'IInd settlement proposal' offered by the Kapil Wadhawan for consideration, decision and voting and to inform the NCLT of the outcome within ten days from the date of the Order.

b) Erstwhile Board of Directors of the Dewan Housing Finance Corporation limited was superseded by the RBI on November 20 2019, exercising the powers under Section 45-IE (1) of the Reserve Bank of India Act, 1934, issued a press release on November 20, 2019, that the erstwhile Board of Directors of the DHFL was superseded "owing to governance concerns and default by the DHFL in meeting with various payment obligations."

f) The NCLT Mumbai, by its Order dated December 3, 2019, admitted the petition above and confirmed the appointment of Shri R. Subramaniakumar as the Administrator of DHFL Company Appeal (AT) (Insolvency) No. 370, 376-377 & 393 of 2021 17 of 44 ("Administrator") under the FSP Rules and initiated CIRP against DHFL.

g) Appellant contends that these urgent and extraordinary steps were taken because DHFL had huge debts and loans of approximately Rs. 87,247 crores. To protect and preserve the assets of DHFL and ensure that the Company is managed as a going concern, RBI appointed the Administrator and CIRP was initiated against DHFL. As such, the steps taken by RBI to initiate CIRP was not only on being legally authorised and competent only but also in the public interest. RBI takes the same in exercising statutory powers and is within its domain. The same does not commend any judicial review.