Piramal Group planning to move Supreme Court against NCLAT order on DHFL

The Piramal group is planning to move the Supreme Court to appeal against an NCLAT order which asked lenders to reconsider Piramal ascribing a value of Re 1 to Rs 45,000 crore of bad loans.

In a statement, Piramal said that in the case of one of the appeals, which was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to its benefit, the NCLAT has ordered it to be re-considered by the Committee of Creditors (CoC). "We have analysed the detailed judgment of the NCLAT and consulted our legal advisors. We are confident and will continue to pursue the matter as multiple legal options are available to us for our future course of action, including approaching the Apex court," Piramal said in a statement.

DHFL's acquisition by Piramal Group remains unaffected and the business integration continues as envisaged.

In September 2021, PCHFL acquired DHFL for a total consideration of Rs 34,250 crore, it said. PCHFL has retained over 3,000 employees of the DHFL Group and is also adding over 2,000 new jobs in the merged entity. New origination of affordable housing loans has been restarted at all 301 branches across the country, the statement added.