SC stays NCLAT order in DHFL case on Piramal's appeal

NCLAT in January this year had directed the lenders of Dewan Housing Finance Corporation to reconsider their decision regarding the valuation of the financial firm's avoidable transactions

The Supreme Court on Monday stayed the NCLAT order in which it had sent back the Piramal Group’s winning bid for DHFL to the debt-laden finance company’s lenders for reconsidering the valuation.

The National Company Law Appellate Tribunal, in January this year, while delivering a judgement on the 63 Moons Technologies petition, had directed the lenders of Dewan Housing Finance Corporation to reconsider their decision regarding the valuation of the financial firm’s avoidable transactions, while approving the insolvency resolution plan submitted by Piramal Capital & Housing Finance.

A bench comprising Chief Justice N V Ramana and Justices Krishna Murari and Hima Kohli agreed to the appeal of Piramal Group challenging the NCLAT’s verdict.