NCLT approves Piramal Group's offer for DHFL on certain conditions

The National Company Law Tribunal NCLT on Monday gave its approval to Piramal Groups bid for bankruptDHFL subject to certain conditionsThe tribunals Mumbaibench chaired by H P Chaturvedi and Ravikumar Duraisamy said the approval is subject to the final judgement from the National Company Law Appellate Tribunal NCLAT and the Supreme Courts judgement on Kapil Wadhawan in the matterIn its order NCLT asked DHFLs Dewan Housing Finance Corporation Ltd Committee of Creditors CoC to consider giving more money to small fixed deposit holders under the approved resolution planAlso Read Bombay High Court refuses bail to Wadhawan brothers in Yes Bank caseWe are not remanding the plan back to CoC we respect their commercial wisdom it saidNCLT also rejected former DHFL promoter Kapil Wadhawans plea to get access to a copy of the resolution planOn May 25 NCLAT stayed the direction of NCLT asking the lenders of DHFL to consider the offer by WadhawanThe appellate tribunal had also clarified that its order should not come in the way for NCLT to decide on approval for the resolution plan selected by the CoCNCLATs direction had come on an urgent petition moved by the Union Bank of India on behalf of the CoCOn May 19 NCLT asked the RBIappointed administrator of DHFL to present the settlement plan offered by Wadhawan to the CoCIn January this year the CoC voted in favour of selling DHFL to the Piramal Group under the Insolvency and Bankruptcy CodeLast year Wadhawan had made his settlement offer to the CoC The offer was rejected by the creditors citing lack of credibility and the valuations attached to the proposed asset sales In the plan Wadhawan had proposed to repay lenders by selling assetsIn November 2019 RBI had referred DHFL then the thirdlargest pureplay mortgage lender for resolution under the CodeDHFL had gone bankrupt with more than Rs 90000 crore in debt to various lenders including banks mutual funds and individual investors who kept fixed deposits with the companyThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever