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

Truman Slate

The Nationwide Company Law Appellate Tribunal (NCLAT) on Friday refused to stay the resolution plan of Dewan Ho­u­sing Finance Corporation (DHFL) and its subsequent tak­e­over by Piramal Team above the plea submitted by 63 Moons Technologies.

A two-member ben­ch presiding above the scenario claimed, “We do not consider that any int­erim buy as sou­ght with regard to resolution plan app­roved desires to be passed.”

Even further, on the argument of 63 Moons Technologies that the execution of the plan sho­uld be the matter of the result of its appeals, the bench claimed, “…we have observed that it is a make a difference of regulation and we want not move any unique orders”.

63 Moon Technologies had moved the NCLAT versus the NCLT’s acceptance of Piramal Group’s resolution plan. It holds close to Rs 200 crore really worth of non-convertible deb­en­tures (NCDs) issued by DHFL. The corporation is of the perspective that the amount of money recovered from the erstwhile promoters of DHFL and other functions underneath Sec­tion 66 of the Insolvency and Personal bankruptcy Code (IBC) really should arrive to the lenders of DHFL. Alternatively, the company alleged, Piramal Gro­up’s plan positive aspects by itself, allowing it to reap the positive aspects of recoveries from the promoters.

The RBI-appointed administrator has submitted avoidance app­lications or restoration of fraudulent transactions really worth Rs 45,000 crore underneath Area 66 of the IBC.

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