June 13, 2024

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

The Countrywide Company Law Appellate Tribunal (NCLAT) on Friday refused to remain the resolution plan of Dewan Ho­u­sing Finance Corporation (DHFL) and its subsequent tak­e­over by Piramal Team above the plea filed by sixty three Moons Technologies.

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

Further, on the argument of sixty three Moons Technologies that the execution of the plan sho­uld be the subject matter of the outcome of its appeals, the bench claimed, “…we have observed that it is a make any difference of legislation and we need to have not pass any certain orders”.

sixty three Moon Technologies had moved the NCLAT towards the NCLT’s approval of Piramal Group’s resolution plan. It retains about Rs two hundred crore worth of non-convertible deb­en­tures (NCDs) issued by DHFL. The organization is of the perspective that the quantity recovered from the erstwhile promoters of DHFL and other events below Sec­tion 66 of the Insolvency and Personal bankruptcy Code (IBC) need to appear to the collectors of DHFL. Instead, the agency alleged, Piramal Gro­up’s plan positive aspects by itself, permitting it to experience the positive aspects of recoveries from the promoters.

The RBI-appointed administrator has filed avoidance app­lications or restoration of fraudulent transactions worth Rs forty five,000 crore below Segment 66 of the IBC.

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