Lawstreet Journal

Piramal Group gets NCLT’s nod to acquire DHFL

Lawstreet Journal 12 Jun 2021 12:37am

Image courtesy: Lawstreet Journal Business Piramal Group gets NCLT’s nod to acquire DHFL

The National Company Law Tribunal (NCLT), on Monday (June 7, 2021), approved the Piramal Group’s bid for bankrupt DHFL, subject to certain conditions.

NCLT’s order also rejected the former DHFL promoter, Kapil Wadhwan’s plea seeking a copy of the successful resolution plan. Kapil Wadhawan is accused in Yes Bank- DHFL loan bribery case.

The Tribunal, in its order, asked the Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan. 

“We are not remanding the plan back to CoC, we respected their commercial wisdom”, the bench added. 

The NCLT’s Mumbai bench chaired by HP Chaturvedi and Ravikumar Duraisamy said the approval is subject to the final ruling from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court’s judgment on Kapil Wadhwan in the matter. 

On May 19, the NCLT had asked lenders to consider an offer made by Kapil Wadhwan, which lenders found ineligible to be voted on. They appealed against the order to the National Company Law Appellate Tribunal, which ruled in favor of the lenders. Wadhwan has since approached the Supreme Court. The Supreme Court is likely to hear the matter on Tuesday, June 8. 

DHFL is the first company to get an NCLT nod under the insolvency process. 

DHFL had gone bankrupt with more than Rs.90,000 crore in debt to various lenders, including banks, mutual funds, and individual investors who kept fixed deposits with the company. 

DHFL had been referred for resolution by the RBI… Continue Reading...

Tagged: DHFL  
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