NCLAT refuses to stay Piramal Group’s resolution plan for DHFL
The Countrywide Enterprise Legislation Appellate Tribunal (NCLAT) on Friday refused to keep the resolution plan of Dewan Housing Finance Corporation (DHFL) and its subsequent takeover by Piramal Team over the plea submitted by 63 Moons Systems.
A two-member bench presiding over the situation claimed, “We do not believe that any interim order as sought with regard to resolution plan approved requires to be handed.”
Further more, on the argument of 63 Moons Systems that the execution of the plan should be the subject matter of the result of its appeals, the bench claimed, “…we have observed that it is a make a difference of law and we have to have not move any certain orders”.
63 Moon Systems experienced moved the NCLAT towards the NCLT’s acceptance of Piramal Group’s resolution plan. It holds all around Rs two hundred crore worth of non-convertible debentures (NCDs) issued by DHFL. The corporation is of the check out that the amount of money recovered from the erstwhile promoters of DHFL and other functions beneath Section 66 of the Insolvency and Bankruptcy Code (IBC) must occur to the creditors of DHFL. As an alternative, the agency alleged, Piramal Group’s plan positive aspects alone, letting it to enjoy the positive aspects of recoveries from the promoters.
The RBI-appointed administrator has submitted avoidance applications or recovery of fraudulent transactions worth Rs 45,000 crore beneath Area 66 of the IBC.
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