You are here: Home » Companies » News
Business Standard

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

A two-member ben­ch presiding over the case said, "We do not think that any int­erim order as sou­ght with regard to resolution plan app­roved needs to be passed."

Topics
NCLAT | Piramal Group | DHFL

Subrata Panda  |  Mumbai 

DHFL
63 Moon Technologies had moved the NCLAT against the NCLT’s approval of Piramal Group’s resolution plan. It holds around Rs 200 crore worth of non-convertible deb­en­tures (NCDs) issued by DHFL

The National Company Law Appellate Tribunal (NCLAT) on Friday refused to stay the resolution plan of Dewan Ho­u­sing Finance Corporation (DHFL) and its subsequent tak­e­over by over the plea filed by

A two-member ben­ch presiding over the case said, “We do not think that any int­erim order as sou­ght with regard to resolution plan app­roved needs to be passed.”

Further, on the argument of that the execution of the plan sho­uld be the subject of the outcome of its appeals, the bench said, “...we have observed that it is a matter of law and we need not pass any specific orders”.

63 Moon Technologies had moved the against the NCLT’s approval of Piramal Group’s resolution plan. It holds around Rs 200 crore worth of non-convertible deb­en­tures (NCDs) issued by The company is of the view that the amount recovered from the erstwhile promoters of and other parties under Sec­tion 66 of the Insolvency and Bankruptcy Code (IBC) should come to the creditors of Instead, the firm alleged, Piramal Gro­up’s plan benefits itself, allowing it to reap the benefits of recoveries from the promoters.

The RBI-appointed administrator has filed avoidance app­lications or recovery of fraudulent transactions worth Rs 45,000 crore under Section 66 of the IBC.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, July 23 2021. 21:52 IST
RECOMMENDED FOR YOU
.