Page 5 - Dhfl

NCLAT declines to stay Piramal Capital's approved resolution plan for DHFL

The National Company Law Appellate Tribunal (NCLAT) on Friday declined to stay the resolution plan of Dewan Housing Finance Corporation Ltd (DHFL) and its subsequent takeover by the successful bidder Piramal Capital & Housing Finance over the plea filed by 63 Moons Technologies. A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava rejected 63 Moons Technologies' plea to pass an interim order staying the resolution plan approved by the Mumbai bench of National Company Law Tribunal (NCLT). Earlier on June 7, the NCLT had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL and 63 Moons, which is a debenture holder of DHFL, filed a petition challenging it before NCLAT. It had requested to stay the operations of the NCLT order, till the two appeals filed by it before the appellate tribunal is decided. However, the NCLAT said: "We do not find that these are Appeals where interim order ...

NCLAT issues notices to lenders, Piramal on 63 Moons Technologies' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to DHFL's lenders and its winning bidder Piramal Capital over a petition filed by 63 Moons Technologies challenging the resolution process of the debt-ridden firm. A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava issued notices to the lenders of Dewan Housing Finance Corporation Ltd (DHFL) and its successful bidder Piramal Capital & Housing Finance Ltd. The appellate tribunal has directed all parties to file their replies before July 19, which is the next date of hearing. Earlier on June 7, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL. 63 Moons, which is a debenture holder of DHFL, has filed a petition challenging the NCLT order. It holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL. According to it, the

NCLAT issues notices to CoC, DHFL and Piramal on 63 moons plea

The NCLAT agreed to hear the petition by 63 moons technologies, challenging the NCLT's nod for Piramal's resolution plan.

NCLAT declines US firm's plea against Piramal group's bid for DHFL

The NCLAT termed the plea "premature", given that it approached the appellate tribunal without getting a decision on its petition filed before the Mumbai Bench of the NCLT

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CoC rejects DHFL's proposal for raising payout to small investors

The Mumbai Bench of the NCLT approved Piramal Group's resolution plan for the beleaguered DHFL on June 7.

RBI bans DHFL from taking deposits under Piramal Group mgmt

The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one. The changes were made in February 2021, after the RBI gave a non-objection to the January 25, 2021 application by R Subramaniakumar, the DHFL administrator, citing Rule 5 of its FSP (financial ...

Piramal, DHFL merger: The road ahead remains bumpy due to legal hurdles

Former promoter moves Supreme Court, debt investor 63 moons vows to move court to recover dues

BSE, NSE suspend trading of DHFL shares from June 14: Know why

Company is awaiting the written order of the NCLT approving the Resolution Plan, says the stock exchange

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DHFL: 63 moons to challenge NCLT's approval for Piramal's resolution plan

63 moons believes that the resolution plan is against interest of all DHFL's creditors, including NCD holders

No backdoor entry

Promoters should not be allowed to delay insolvency resolution

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Piramal Enterprises surges 15% in 2 days; DHFL hits 10% upper circuit

As part of the resolution plan, DHFL's equity shares are proposed to be delisted

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Piramal Group's resolution plan for beleaguered DHFL gets NCLT nod

Piramal's plan offers to pay Rs 37,250 crore, with upfront cash of Rs 12,700 crore.

Debt-ridden DHFL's shares may get delisted post acquisition by Piramal

The Mumbai-bench of the National Company Law Tribunal (NCLT) on Monday gave its conditional approval to Piramal Group's bid for DHFL.

DHFL shares rally nearly 10% after company reports profit in Q4 earnings

Shares of Dewan Housing Finance Corporation (DHFL) on Monday jumped nearly 10 per cent after the company reported a consolidated net profit of Rs 96.75 cr for the quarter of fiscal ended in March 2021

DHFL back in the black, posts Rs 97-crore net profit in March quarter

While its committee of creditors as well as the RBI and the CCI, have given their approval to the resolution plan put forward by the Piramal Group, the plan is awaiting the NCLT

DHFL posts profit of Rs 97 cr in Q4, versus loss of Rs 7,507 cr a year ago

Dewan Housing Finance Corporation (DHFL) on Sunday reported a consolidated net profit of Rs 96.75 crore for the last quarter of fiscal ended in March 2021.