NCLAT stays NCLT order asking CoC to consider Kapil Wadhawan's offer

NCLAT clarified that such appeals should not come in the way of the NCLT deciding on the approval of the resolution plan given by the Piramal Group which has already been approved by the lenders.

Giving a relief to the lenders, Piramal Group, and the administrator, the National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the order of the Mumbai Bench of the National Company Law Tribunal (NCLT), which had directed the DHFL administrator to place the settlement offer of the erstwhile promoter, Kapil Wadhawan, before the committee of creditors (CoC) while it (NCLT) decided on the appeal.

The NCLAT has asked the respondents — in this case Kapil Wadhawan — to file their reply within two weeks. The matter will be heard again on June 25.

DHFL became the first financial services company to be