April 20, 2024


Imagination at work

NCLAT refuses to stay Piramal Group’s resolution plan for DHFL

The National Organization Legislation Appellate Tribunal (NCLAT) on Friday refused to keep the resolution program of Dewan Ho­u­sing Finance Corporation (DHFL) and its subsequent tak­e­over by Piramal Team around the plea submitted by sixty three Moons Technologies.

A two-member ben­ch presiding around the scenario stated, “We do not assume that any int­erim purchase as sou­ght with regard to resolution program app­roved needs to be handed.”

Additional, on the argument of sixty three Moons Technologies that the execution of the program sho­uld be the subject matter of the final result of its appeals, the bench stated, “…we have noticed that it is a issue of regulation and we need to have not go any unique orders”.

sixty three Moon Technologies had moved the NCLAT from the NCLT’s acceptance of Piramal Group’s resolution program. It retains all around Rs 200 crore worthy of of non-convertible deb­en­tures (NCDs) issued by DHFL. The business is of the view that the amount recovered from the erstwhile promoters of DHFL and other parties less than Sec­tion sixty six of the Insolvency and Individual bankruptcy Code (IBC) ought to come to the lenders of DHFL. In its place, the agency alleged, Piramal Gro­up’s program added benefits alone, permitting it to reap the added benefits of recoveries from the promoters.

The RBI-appointed administrator has submitted avoidance app­lications or restoration of fraudulent transactions worthy of Rs forty five,000 crore less than Section sixty six of the IBC.

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