INTRODUCTION After Dewan Housing Finance Corporation Limited (DHFL, once it was AAA+ rated company) was referred to the IBC on 22 November 2019, the RBI appointed a Committee of Creditors (COC). The COC planfully, in a pre-determined way, deprive FD and NCD Holders for handling it over to a particular company (Piramal Capital and Housing Finance Limited), following the authoritarian rituals of monopoly and crony capitalism as it exists in contemporary oligarchic Indian political economy. Therefore, the FD, NCD and Share-holders of the DHFL are now victims of simulated financial abuse and suffering from extreme pecuniary miseries and psychosomatic disorders (especially in the context of Pandemic) due to the non-payment of their hard-earned money. For more details, kindly view the following hyperlinks:

1. A WHITE PAPER ON THE DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL) ⤡
2. APPEALING FOR ALL THE DHFL SCAM VICTIMS INCLUDING NCD-FD-SHARE-HOLDERS FOR AN INTEGRATED COMMON PLATFORM- UNITY IS STRENGTH: A LETTER TO MONEYLIFE INDIA ⤡
3. PLEASE COMPOSE AN OBITUARY FOR THE RBI-APPOINTED COMMITTEE OF CREDITORS (COC) FOR THE DHFL: A LETTER TO THE PRESIDENT OF INDIA⤡
4. FALSE ALLEGATIONS ON THE COLLUSION AMONG THE BJP, DAWOOD-MIRCHI AND THE DHFL: A LETTER TO THE BJP PRESIDENT ⤡
5. SMELLING THE RAT IN THE DHFL-COC RESOLUTION PROCESS: A LETTER TO THE PRESIDENT OF INDIA ⤡
6. CONFESSION OF A VICTIM OF FINANCIAL ABUSES
7. CONSEQUENCES OF CRONY AND MONOPOLY CAPITALISM IN INDIA: THE CASE OF DHFL SCAM⤡

THE APPEAL

TO

Sri Nuthalapati Venkata Ramana,

The Honourable Chief Justice,

The Supreme Court of India

Sub: Requesting for taking Suo Moto Cognizance (Access to remedy) for saving the lives of ailing victims of business-related abuses during the pandemic in association with the biggest scam in India related to Dewan Housing Finance Corporation Limited (DHFL)

Respected Sir,

We, the victims of the scam⤡ related to Dewan Housing Finance Corporation Limited (henceforth DHFL), are really rejuvenated after two consecutive Suo Moto actions taken by the Indian Supreme Court by using their inherent powers by taking cognizance of the two serious matters on its own.

Kanwar Yatra 2021: Supreme Court Asks Uttar Pradesh to Reconsider Its Stand to Hold Yatra, Says ‘Right To Life Paramount’ VIEW HERE ⤡ (As reported on 16th July, 2021 ©India.com)

Sedition Law “Colonial”, Why Don’t You Drop It, Supreme Court Asks Centre VIEW HERE ⤡ (As reported on 15th July, 2021 ©NDTV)

We are really grateful and obliged to the wisdom of the apex court for taking such actions. Earlier, we had lost all our hopes and we pessimistically thought that there is no hope left behind in our Pandora’s Box, when we had gone through the following enunciations by the former Hon. Justices:

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) ©Scroll.in

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.”

Moreover, we do not have faith in the RBI also for their grand failure in tackling the real problems.

A PIL was filed by Prof. Subramanian Swamy, by praying for the CBI or ‘any other competent authority to investigate illegalities committed by RBI officials’ in the discharge of their functions.

Subramanian Swamy asks SC for CBI probe into RBI official’s role in scams VIEW HERE ⤡ (as reported on February 2, 2021) ©Business Standard

Not only that, Prof. Subramanian Swamy commented on Shri Shaktikanta Das (BA and MA in History!!!), the present Governor, the Reserve Bank of India:

The new governor (of RBI) is highly corrupt. I got him removed (from the finance ministry). I am calling Shaktikanta Das a corrupt person. I am surprised that the man I got removed from the finance ministry for corruption was brought in as governor.” (emphasis added) (as reported on Dec 23, 2018⤡ ©Scroll.in )

This is also along with the line of Nobel laureate economist Abhijit Vinayak Banerjee’s comments (as reported on December 11, 2018 ⤡©Financial Express) on the decision to appoint Shri Shaktikanta Das as RBI-Governor arises a lot of “frightening” questions about governance issues at key public institutions like the RBI.

Even we were disturbed, ashamed and shocked by the following reports on India:

· India Is No Longer a Democracy but an ‘Electoral Autocracy’: Swedish Institute ⤡ (As reported on 11th March 2021, © The Wire)

The Freedom House also dropped India from the list of “Free Countries” in its annual report entitled “Democracy under Siege” VIEW HERE ⤡.

· India is now only ‘partly free’ under Modi, says report ⤡ (As reported on 3rd March, 2021 © BBC News)

In the context of such catastrophic situation, we have regained our faith in the Judiciary for taking above-mentioned two revolutionary steps by the apex court. Thus, we are now released from our anxiety disorder, psychosomatic disorder, deep depression, suicidal tendencies and dare to appeal to you for Suo Moto cognizance that virtually presupposes the public at large as one of the parties.

In the context of our case related to violation of international human right (United Nations Guiding Principles on Business and Human Rights ⤡. We are especially emphasizing on the third pillar in this context, “Access to remedy for victims of business-related abuses”.

If you kindly spare your valuable time to read our detailed case study regarding DHFL Scam from here, we will be obliged:

A WHITE PAPER ON THE DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL) VIEW HERE ⤡

(please pardon us for not using legal discursive formation here as we, the legally illiterates, are incapable of using legal discourse)

In the context of DHFL scam, we are also thankful to your kind self for such judgement:

Explained: What is Supreme Court ruling on creditors invoking personal guarantees? VIEW HERE⤡ (As reported on 25th May, 2021 ©The Indian Express)

Bankruptcy will not void personal guarantees: Supreme Court VIEW HERE ⤡ (As reported on 25thMay, 2021©The Times of India)

It is reported that “A personal guarantee, therefore, is an assurance from the promoters that if the lender allows them the fund, they will be able to turn around the loss-making unit (it is found that, after diligent auditing DHFL is not a “loss-making unit” but an ongoing concern cf. Point 14 of this document⤡ and repay the said loan on time.” ⤡

And here came The Chekovian Turn for the whole narrative: Wadhawan moves SC, wants lenders to consider bid for DHFL VIEW HERE⤡ (As reported on June 02, 2021 ©The Financial Express).We are citing some portions of the report:

“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”.”

One may find Error in jurisdiction vs. Excessive Jurisdiction (As reported on 17th July, 2020 ©Law Street India) on the part of NCLT (second order) and NCLAT [Download NCLAT ORDER; Download NCLT RE-ORDER]. Though there are precedents, where fixed deposit holders were relieved from their miseries by the NCLAT itself.

NCLAT : Defaulting company liable to repay FDR amount alongwith interest to its deposit holders VIEW HERE ⤡ (As reported on 25th Feb 2020 ©TaxGuru) However, we are emphasizing on the first order of the NCLT regarding the COC RP on the DHFL. This nullified and rejected document (without any counter-arguments) is the major shield for our security and protection:

Download NCLT ORDER ON DHFL-COC (19/05/2021)

It is strange to note that 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.

In this devastating situation during the pandemic, lots of common people like us along with many reputable philanthropic, academic and financial institutes [including the Air Force Group Insurance Society, Uttar Pradesh Power Corporation Limited (UPPCL), Sri Sri Ramakrishna Mission Ashrama, Sasakawa-India Leprosy Foundation, Sisters of Charity of Nazareth, Jesuit Conference of India, Jiv Prakash Vidyapeeth, Jesuits of Santal Society, Asha Deep Society, Mokama Nazareth Hospital Society, Kerala Jesuit Society, Chotparua Jesuit Society, The Society of Sacred Heart College, Satya Nilayam, Indian Social Institute (Bangalore), Once in a Blue Moon Academia etc.] are suffering from their unbearable fate as a result of this scam and are having to bear its brunt. Our hard-earned life-time savings are stuck due to the complicated resolution mechanism initiated by the newly-introduced IBC, which has to pass the necessary litmus test.

The FD, NCD and Share-Holders of the DHFL demand that the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and Notification bearing No. S.O 4139 (E) dated 18.11.2019 passed by the Central Government should be declared arbitrary, illegal, unjust and against public interest, thereby violating Articles 14, 19, 21, 26, 29 and 30 of the Constitution of India and Reserve Bank of India Act, 1934. Reserve Bank of India should be directed to undertake the revival/ restructuring of Dewan Housing Finance Corporation Ltd, as was done in the case in exercise of powers conferred under Section 45 (1) of the Banking Regulation Act, 1949. Reserve Bank of India should undertake the resolution of Dewan Housing Finance Corporation Ltd. in public interest, in terms of Sections 45-MBA and 45-QA of the Reserve Bank of India Act, 1934. FD Holders should also challenge the resolution plan approved by the CoC and seeking that the Hon‟ble Court scrap the plan in full or at least partly, allowing the fixed depositors to be paid in full, as thousands of common people have invested their incomes and monies with the Corporate Debtor as way of fixed deposits.

We, the small investors of the DHFL, cannot afford to go to the apex court as consumers of justice since it is way too costly. As per report, we have come to know that poor get gallows, rich mostly escape VIEW HERE ⤡ (As reported on JULY 21, 2015 © The Times on India).

Therefore, we kindly urge your kind self to look after our matter and we are appealing for taking suo moto cognizance for the relief of the financially-abused victims, who are immensely suffering during the pandemic⤡ [with reference to Suo Motu Writ Petition [Civil] No.3 of 2021, 30th April, 2021, for managing the disaster].