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

Lavern Vogel

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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