The Countrywide Enterprise Legislation Appellate Tribunal (NCLAT) on Friday refused to continue to be the resolution program of Dewan Housing Finance Company (DHFL) and its subsequent takeover by Piramal Team about the plea submitted by 63 Moons Systems. A two-member bench presiding about the scenario explained, “We do not believe […]
The Countrywide Enterprise Legislation Appellate Tribunal (NCLAT) on Friday refused to continue to be the resolution program of Dewan Housing Finance Company (DHFL) and its subsequent takeover by Piramal Team about the plea submitted by 63 Moons Systems.
A two-member bench presiding about the scenario explained, “We do not believe that any interim buy as sought with regard to resolution program approved requirements to be passed.”
Further, on the argument of 63 Moons Systems that the execution of the program should be the issue of the outcome of its appeals, the bench explained, “…we have observed that it is a issue of regulation and we want not pass any precise orders”.
63 Moon Systems had moved the NCLAT versus the NCLT’s acceptance of Piramal Group’s resolution program. It holds close to Rs 200 crore worth of non-convertible debentures (NCDs) issued by DHFL. The company is of the look at that the amount recovered from the erstwhile promoters of DHFL and other functions below Section 66 of the Insolvency and Individual bankruptcy Code (IBC) should really appear to the creditors of DHFL. In its place, the organization alleged, Piramal Group’s program rewards alone, enabling it to enjoy the rewards of recoveries from the promoters.
The RBI-appointed administrator has submitted avoidance applications or recovery of fraudulent transactions worth Rs 45,000 crore below Part 66 of the IBC.
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