Please Compose An Obituary For The RBI-Appointed Committee Of Creditors (COC) For The DHFL: A Letter To The President Of India

Posted on 02/06/2021

हिरण्मयेन पात्रेण सत्यस्यापिहितं मुखम्

तत् त्वं पूषन्नपावृणु सत्यधर्माय दृष्टये १५

— ईशावास्योपनिषत्

“The face of Truth is covered with a brilliant golden lid; that do thou remove, O Pusan, for the law of the Truth and dharma, for sight.”


 Mr. Ram Nath Kovind,

The Honourable President,

The Republic of India

Sub: Please compose an obituary for the RBI-appointed Committee of Creditors (COC) for the DHFL

Dear Mr. Kovind,

With reference to our letter dated 24th March, 2021: Smelling the rat in the DHFL-COC Resolution Process⤡, we further wish to inform you that the RBI-appointed COC for DHFL Resolution Process is operating excellently. For example, we do not know why have very few selected people got this type of utterly traumatic mail from Ms. Charu Sandeep Desai, Authorized Representative of the Fixed Deposit Holders, citing the Catalyst Trusteeship Limited:

In this regard, we wish to cite the NCLT order on the DHFL-case ⤡ [IA 2431 of 2020 in CP (IB) 4258/MB/C-II/2019 Under Section 60 (5), 227 (2), 239 of the Insolvency and Bankruptcy Code, 2016] points 16-19 and 84-89 (See Attachment).

As pointed in point 16 a scathing remark that “…it (The COC) has not considered the same (Mr. Kapil Wadhawan’s Resolution Proposal) on its merits or with its commercial wisdom.”  One can understand the position of the DHFL-COC being the pet of the RBI and the Government. However, what is puzzling is that Catalyst Trusteeship Limited holds 52.13% as per the DHFL-COC’s RP meetings(cf. as cited in point 69 of the NCLT Order) of the total voting power in the COC though FD and NCD holders hold more than 65% according to the NCLT Order (cf. Point 87: “…the proposal is not made available to FD, NCD holders who constitute more than 65% of vote share of members of COC”). Why this is so? The answer my friend, is blowin’ in the wind…  

We appreciate the speed in which the RBI-appointed COC for DHFL has moved to the NCLAT to nullify the previous NCLT order (19/05/2021), without answering the latter within the NCLT-prescribed ten day-span. It is a proof for their (along with the Union Bank, commanding merely 4.04% voting share in the DHFL-COC; cf. Point 55, aforementioned NCLT Order) efficiency as professionals. Peculiarly enough, the date of the order is not mentioned after their signatures in the NCLAT order Company Appeal [(AT) (Insolvency) No. 370 of 2021]. Perhaps due to the speed capitalist hurried emergency, Justice A.I.S. Cheema, The Officiating Chairperson and Mr. V.P. Singh, Member (Technical) of the NCLAT have forgotten to mention the mandatory date after their signatures. The case was heard on 25/05/2021 as it is mentioned at the beginning of the said document.  

We must admit that we are shoe-lickers (i.e., maintaining patron-client relationship) and have itching palms and are working for the cronies by robbing the have-nots. We are feeling no guilt for these legal conflicts or criminal activities. They, RBI-appointed DHFL Administrator Mr. R. Subramaniakumar and Ms. Charu Sandeep Desai, as absolutely honest persons, may please advise us to solve our sheer immoral activities. (VIEW HERE TWEET ⤡ ). It is also to be noted that Mr. R. Subramaniakumar used to send us “copy & paste” stock  answers to our queries and  Ms. Charu Sandeep Desai did not answer.  We are thankful and indebted to Mr. R. Subramaniakumar and Ms. Charu Sandeep Desai for their gigantic efforts by taking a slim salary for the sake of the Piramal Enterprises and also for our anxiety disorders and cardiac problems. For this reason, pharmaceutical companies are gaining and contributing to the GDP for our psychosomatic disorder. Their tiresome efforts also help in the grand depopulation project following Malthusian positive checks. Mr. R Subramaniakumar and Ms. Charu Sandeep Desai should be awarded with different civilian awards (padma) for their conscience—they are our social archetypes of our super-egos. Not to talk about the All India Services (Conduct) Rules, 1968. 9 (as mentioned in our previous letter to you dated 24/03/2021) or the Section 107⤡Section 201⤡Section 505⤡ of the Indian Penal Code (IPC). As for example, some people are spreading rumors like this, “A Chandigarh and Delhi-based newsmagazine has already done a sting operation for getting cat out of the bag of the RBI-appointed COC for the DHFL.” This type of criminal rumour-spreaders is also come under Section 505⤡, IPC.

Their speed is laudable enough as they are lingering the whole resolution process day after day, showing the cause of COVID-pandemic. One person asked the reason behind such delay at Quora for resolving the issue:

Why is Mrs. Charu Desai indefinitely postponding the DHFL bankruptcy process in the CoC meetings and consuming cost of Rs.7 lakhs per month and not helping the DHFL Fixed deposit holders to get their money back?  VIEW HERE  (wilful procrastination???)

One of the answers given by Jayaraman Raju, former Banking IT Consultant, is like the following:

“I think you are aware of the story about the two cats fighting over a pancake (dosa/roti) and the monkey takes the role of the adjudicator; the bankruptcy case too is similar to that; the fight is between the company and the creditors; the creditors would like to get back most of their funds, while the company pleads its inability to repay the loans; the assets of the company also not sufficient to pay back the creditors; in the bargain the people who are conducting the adjudication process get their pockets duly filled — mind you, it is not the company alone which is meeting the cost of adjudication, but the creditors too, because this has to come from the common kitty;

If you trace the implementation of laws, from time to time, you will find that the creditors have lost most of their funds due to the defined processes; the reason is that the govt is not determined to take action the people who are behind the defaulting companies; the corporate law provides for “lifting of the veil” in case the management commits any act detrimental to the stakeholders (read shareholders)… the same can be extended for borrowings by the company too; now what is happening is that many of the management bosses are walking free while the shareholders and the creditors are on the roads — both have lost their investments to a considerable extent;

Once I happened to witness a scene in which a cop was troubling, on the road, a ‘lady’ from the flesh trade’; the lady pleaded a lot, but the cop was unrelenting; unable to bear the torture by the cop, the lady put her hand inside the shorts (those days the cops used to wear Short Khakis, and starched ones too — you can guess how easy it was for her to enter the insides), and held the nuts hard; the cop started howling and when the lady demanded money from him to release her hold, much to the amusement of the crowd around them, the cop fished out all the notes in his pocket and gave it to her; sorry, if I have hurt anybody’s sentiments; but we have a great lesson to learn from this; catch the culprit where it hurts, and he will spill out all the beans — all these laws would become redundant, but is our corrupt govt capable of doing it?”

The above answer speaks for itself against the selling of the DHFL to a non-listed company, viz., Piramal Capital & Housing Finance, by reverse-merger. Many people, mainly urban Naxals, conspiracy theorists, call it a usual predetermined matter as expected from a crony and monopoly capitalist plutocratic regime. We are also appreciating the ruling party’s partial efforts for selling the ongoing company at a throw-away price (at 75% discount)—or as a free gift to the father of the damaad of a favoured business tycoon. We are using the word damaad instead of son-in-law by taking cue from our Hon. Madam FM, when she was justifiably targeting Mrs. Sonia Gandhi’s son-in-law: ‘Not working for damaads‘: FM Nirmala Sitharaman fires back at Congress over ‘crony capitalists’ jibe as reported on Feb 12, 2021⤡

According to NCLAT-hearing, NCLT has set a dangerous precedent in the DHFL case VIEW HERE  (As reported on 26 May 2021 ©The Mint). We think that both the NCLAT and the RBI-appointed COC are right enough in this case since the newly-introduced IBC, which is yet to pass the litmus test (the proposed second amendment is still pending), is more important than the hard-earned public money. It is far better to write Off Over Rs 68,000 Cr Loans, Choksi Among 50 Top Wilful Defaulters: RTI  VIEW HERE. We, the victims of financial abuse, are (and should be) sandwiched due to the incommensurability of the IBC, RBI Act, Company Act and the NHB Act. We also praise the one-to-one correspondence or positive correlation between the increasing assets of our beloved ruling party (without any material production) and abrupt bankruptcies in the last three or five years.

Over 21,250 cases pending before NCLT at end of December 2020 VIEW HERE  (As reported on Feb 08 2021 ©The Economic Times)

Over 280 companies declared bankrupt amid pandemic VIEW HERE  (As reported on March 23, 2021 ©The Times of India)

This type of looting with fair means by deploying the IBC, an escape-route for the ruler’s favoured business tycoons, should be continued through this type of pro-people COC, appointed by the RBI (cf. Our letter to you dated May 24, 2021: Demanding Expulsion of Mr. Shaktikanta Das, Governor, The Reserve Bank of India.)

Someone, an anxious FD-holder of the DHFL, demands the following on a social media-platform:

Chrono-‘logically’ speaking:

In the Bombay High Court has proved the DHFL is solvent. So, the Bombay High Court allowed for paying 800cr per month for securitization.

In the NCLT, the RBI is trying to prove it is insolvent.

It is the highest level of contradiction.

“The erstwhile promoter submitted that his proposal being “in public interest” would result in 100% payment of the liabilities of the secured creditors as well as other creditors like deposit holders, etc, whereas Piramal Capital and Housing Finance’s RP is resulting in an overall huge loss of more than Rs 53,000 crore to the nationalised banks and small depositors.

This “shows a complete misuse and subversion of the insolvency process of taking over a valuable company having an asset base of approximately over `68,000 crore for a discount of approximately Rs 37,000 crore,” the appeal stated.

Stating that his offer is 150% higher than the offer made by the successful resolution applicant, Wadhawan said that he was constrained to make the settlement proposal prior to the voting in view of abysmal bids being received for DHFL providing for a haircut of more than 60% to the creditors.

According to the appeal, “DHFL currently has a cash reserve of Rs 16,000 crore in addition to retail assets (i.e. loans given to small homebuyers) of approximately Rs 30,000 crore which are yielding interest at the rate of 10% and investments of approximately Rs 3,000-4,000 crore.

Besides, the corporate debtor has a wholesale book (i.e. loans given to builders for development of project loans against property, etc) in excess of Rs 27,000 crore, it said, adding that despite the value available in DHFL, the lenders were offering the company to Piramal “on a platter at a huge discount”.”

SOURCE: Wadhawan moves SC, wants lenders to consider bid for DHFL VIEW HERE⤡ (As reported on June 02, 2021 ©The Financial Express)

Amidst this, the company is swiftly running its business, i.e., it is very much a solvent ongoing concern as they are lending 500cr per month for home loans and they are also earning from their previous loans.

DHFL only needs slight restructuring, not haircuts for all public depositors.

Further, with the recent SC judgement regarding validity of invoking personal guarantees of promoters in IBC.

Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE (As reported on May 22, 2021 ©The Times of India)

The Banks have additional tools to recover the dues; whereas we, the public depositors and NCD holders, have no such avenue. Thus it is a double advantage to the Piramal Enterprises. They will take their pound of flesh from the RP. Clearly it is a very sinister move on the part of the RBI.

Government should not deliberately sell DHFL to the Piramal Enterprises. It can appoint a  committee of experienced retired bankers (not like the present RBI-appointed DHFL Administrator) and let the DHFL run after slightly restructuring it so that all classes of creditors and lenders get back their 100% principle amount with interest. Though we are not interested in the choice of the owner for this ongoing solvent company, we only wish to get back our hard-earned public money in full along with due compensation for infringing our fundamental human rights due to financial abuse.”

Even some of us have got the following letter from the DHFL Audit on 08/05/2021. It reinstates the fact that the DHFL is still an ongoing, solvent concern:


As we have unwavering faith in the five pillars of Indian Democracy, especially the judiciary, there is no question for taking our recourse to international law. Here are a few examples of our superb judiciary:

Here’s proof that poor get gallows, rich mostly escape. VIEW HERE (As reported on JULY 21, 2015 © The Times on India) 

Judiciary ramshackled, going to court is useless: Ex-CJI Ranjan Gogoi  VIEW HERE (As reported on 14th February,  2021) © The Indian Express

“Who goes to the court? You go to the court and regret,” Gogoi said, adding that it is those who can afford to take chances, such as the big corporate, who approach the courts. “If you go to the court, you would be washing dirty linen in the court. You will not get a verdict,”

“You want a 5 trillion dollar economy but you have a ramshackled judiciary,” he commented, adding that during the pandemic, 60 lakh cases were added at the trial courts, 3 lakh in high courts and nearly 7,000 in the apex court.

“The road map is to have the right man for the job. You don’t appoint judges as you appoint officers in the government. To be a judge is a full time commitment. It is a passion. There are no working hours,” he said, stressing that the training of judges should be robust.

See also:

‘If you go to court, you don’t get a verdict,’ says former CJI Ranjan Gogoi VIEW HERE (As reported on Feb 13, 2021) ©

Mr. Mukul Rohatgi, Ex-Attorney General of India, the deux ex machina behind our miseries,  said in the NDTV interview (12/11/2020) by reiterating Hon. Justice Krishna Iyer, “Jurisprudence has gone astray, seem jail is rule, bail exception.”

The Only Institution Capable of Stopping the Death of Democracy Is Aiding it VIEW HERE (As reported on 18 Sept 2020 ©The Wire)

International Law In Indian Courts: Democratic Or Not? VIEW HERE (As reported on 14 Sept 2020 ©NICKELED AND DIMED)

The judiciary is responsible for many of the problems that we face today VIEW HERE (As reported on 25 Jan 2020 ©National Herald)

Live-in relationship morally, socially not acceptable: Punjab HC VIEW HERE (As reported on May 18 2021 ©The Indian Express)

Central Vista work of national importance, says Delhi HC; rejects plea, imposes fine VIEW HERE (As reported on June 1 2021 ©The Indian Express)

We are also very happy to note that the successful COLLUSION AMONG DAWOOD IBRAHIM-IQBAL MIRCHI-RKW-DHFL-BJPthe underworld shadow economy, the economic enterprises and the ruling party are clubbed together. Therefore, the Congress maliciously remarked: Gift BJP Rs 20 Cr, Get ‘Return Gift’ Worth Rs 31K Cr: Congress On Fraud By DHFL VIEW HERE . We, the victims of manufactured financial abuse, are sale-brating this excellent collusion at the cost of our hard-earned lifetime savings.

For clarifying the legal implications of such unsolicited collusion/nexus among BJP, Dawood-Mirchi, RKW developers and the DHFL⤡, we went to a legal advisor. He cited many sections from the IPC, including Sections 121 (abetting waging of war, against the Government of India), 126 (Committing depredation on territories of Power at peace with the Government of India), 130 (aiding escape of, rescuing or harbouring such  prisoner: or attempts to rescue any such prisoner, or harbours or conceals any such prisoner who has escaped from lawful custody, or offers or attempts to offer any resistance to the recapture of such prisoner shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine.) the Prevention of Terrorism Act, 2002 (15 of 2002) and Terrorist and Disruptive Activities (Prevention) Act⤡. If all these above are believed to be true, the laws go against our party, but not against the Government of India. Strange! Our party means our government—they are equal! 

In the midst of the commendable proliferation of financial ecosystem in India, we have only one request to you: the DHFL came under the RBI-appointed COC on the 3rd of December, 2019. Kindly change it to the 6th of December, 2019, to sale-brate the saffron-letter day in our entire democratic history.  

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay

A Victimized Family of Bewildered, Beleaguered, Perplexed, Anguished, Anxious, Hapless, Helpless and Ailing DHFL FD Holders




  1. K Vakkula Devi says:

    Hi I am DHFl fixed depositor because of this scam I didn’t get my money back but thinking day and night of this I get anxiety desorder and my health is spooling the RBI didn’t think of common public and his legal team not stand on innocent investor side they all mingle and getting ready to give company to Piramal please your the first citizen of country Ramnath kovind sir save DHFl investors stop this unfair coc approved Resolution plan

    Liked by 4 people

  2. JS OBEROI says:

    I call RBI as RASCAL BANK OF INDIA as for as scams are concerned.
    Top LOOTERAS of Banks first get hefty bribes to extend loans and then do so again at the time of settlement. Shameful.

    Liked by 4 people

  3. Akhar Bandyopadhyay says:

    Reblogged this on Akhar Bandyopadhyay.

    Liked by 3 people


    “Respected Madam Charu Desai
    Authorized Representative, Class of Creditors
    Public Depositer DHFL

    Dear Ma’am,

    In my personal opinion, I believe that it is wrong to assume public Depositors as just another Class of Creditor or Investors. In reality, we are just a small group of retail depositors who usually park their small savings or retirement fund amount to fulfil our usual day to day needs or unplanned expenses, such as (family marriage, higher education financing, medical exigencies etc.) for livelihood in age of senior citizenship.

    In theory, the IBC law 2016 made for Companies under MCA mostly for manufacturing businesses.
    However, the IBC law was later applied to NBFCs having turnover more than 500 crores through amendment in 2019, forgetting that NBFC jobs resembles with financial institution i.e. Banks / Corporation up to a large extent, which is a large stakeholder as public depositor. Therefore, the resolution process for NBFC should be akin to Banks.

    Furthermore, the flawed IBC 2016 has not been implemented by RBI, administrator & COC in its true letter and spirit and made grievous errors and violations.

    National Housing Bank (NHB), a regulator, which abjectly failed to exercise adequate oversight over DHFL, has filed a preferential claim over other financial creditors to get Rs. 2,436.67 crore. Why should NHB, a subsidiary of the Reserve Bank of India (RBI), get this benefit? In response to an investor’s objection to this preferential treatment, the administrator has said that ‘the legalities of NHB’s claim’ will be decided by NCLT.

    Therefore, we kindly request you to oppose this proposal in forthcoming COC meet with tooth & nail.
    The DHFL resolution process should not aim to protect/help (Banks, Mutual Funds, Insurance corporations) big financial institutions in realising and covering their NPA losses. All retail Depositors including FD holders, Bond holders, NCD holders, Employee & workman’s entitled dues must be fully paid. Due of others, must be equitably distributed as per resources available in resolution process.

    The Public retail depositors, despite constituting a majority in sheer numbers have a voting strength based on deposits ratio, virtually in minority.

    I very well recall in Zoom meeting where you mentioned that you pleaded for specialist treatment to Senior Citizen, Widows, Pension fund depositor trustees. However, your plea was not given due consideration, but ignored.

    Army Group Insurance Fund/UP Power Sector Employee Trust, Trust and Board of Trustees of UP Power Corporation Contributory Provident Fund Trust and NGO like Sasakawa- Leprosy Foundation India working for poor and destitute are distressed public depositors of DHFL are also shell shocked and filed litigation.
    DHFL mandated by SEBI only one credit rating agency valuation but multiple like CARE, Brickwork rated it AAA also CRISIL & ICRA rated it commercial paper issues A1 +.
    DHFL NBFC licensed, regulated, Safeguarded by NHB, RBI, SEBI legal provisions was also listed in Stock Exchange and audited by the agencies of Audit Firm of repute, I.e. Chaturvedi & Shah, Jignesh Mehta, Deloitte Haskin & Sells.

    I, Kirti Kumar Pal, a Senior citizen, retired from the private sector, parked around 22 Lakhs of entire EPFO Claim to DHFL’S FD/NCD in name of self & Family for a short duration. Because at time of retirement, I was at 58 and senior Citizens schemes of LICI/ Post office entry age was 60.
    I have just recuperated from Covid -19, which has amounted huge medical expenses. I am currently suffering from depression and am desperately worried as to how I will survive for my livelihood if meagre 23% is repaid as claim amount.
    I vividly recollect that DHFL Plan was offing in September 2019 in which FD /NCD Holders were protected for repayment, but in staggered period. That was in true sense Restructuring Plan and a constructive scheme.
    Proposed COC resolution mandate for Liquidation which part away thousands of crores, especially from poor hapless depositors and leaves them in lurch, is one of the worst & destructive financial resolution plans I have seen in ages.
    Now, NCLT direction has provided an opportunity to press for demand 100% claim amount to Fixed Deposit holders. Therefore, you should fight vigorously and stand firm that Nothing less than 100% is acceptable to us.
    Finally, if COC don’t concede to your demands, you should insist for dissenting note or protest remarks in minutes of meeting. Alternatively, you should stage Walk out from meeting. Furthermore, you should send an affidavit to NCLT expressing dissatisfaction on COC decision, a copy of that should be sent to FD Holders.

    Yours Sincerely,

    Kirti Kumar Pal”

    Liked by 2 people


    I fully agree & support implementation & utilization of “Right to Recall” for throwing out present ruling party which has started extorting money for their political & personal gains AT THE COST OF INNOCENT,POOR & HELPLESS citizens (BURNING EXAMPLE IS GIFTING OF DHFL TO PIRAMALS). When ALL FD HOLDERS OF DHFL & OTHER INSOVENT COMPANIES ARE REGULARLY SHARING THEIR PAINS & PROBLEMS, HOW A PRIME MINISTER CAN TURN HIS DEAF EARS BY KEEPING SILENCE & ALLOW SCAMMERS TO LOOT INNOCENT FD HOLDERS HARD EARNED MONEY. They have totally changed the definition of democracy. Now it is NOT “Of the people, For The people, By the people” . They have changed it now as ” FOR THE DISHONEST/SCAMMERS, BY THE DISHONEST/SCAMMERS, OF THE DISHONEST/SCAMMERS. NO role for ordinary citizens.


    Ravindra Mahidhar

    Liked by 1 person

  6. Sanjay Jain says:

    There has to be transparency in all deals.

    Liked by 2 people

  7. One of the #DHFL_Victim, Mr. Kiriti Doshi Wrote:
    This is what it should be. Even for DHFL the first order of NCLT was violated and therefore contempt of court and later on all laws amended with RBI administrator and COC and charu Desai sitting with piramal and openly looting our full life hard earned money. How can a representative of ours sit with a resolution applicant and forcefully cut off all our money. Why were we forced to fill charu Desai name on the claim forms without which our claim was not being accepted. Very well framed scam in DHFL and looted us
    You sent
    Charu Desai and piramal were in hands together from the start. Therefore they forced us to write charu Desai name on the claim forms. In general the resolution professional is decided by IBBI and this was a big fraud to make us all fill charu Desai name on the claim forms without which the forms were not being accepted. Fraud and scam-dhfl case


  8. Kirit Doshi says:

    I have lost all my and my family life saving in dhfl AAACompny related in India

    Liked by 1 person

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