DHFL-Piramal Case: SC Asks NCLAT to Hear Within 2 Months Appeal Filed by 63 moons
Moneylife Digital Team 06 September 2021
The Supreme Court on Monday directed the National Company Law Appellate Tribunal (NCLAT) to hear within two months an appeal filed by 63 moons technologies ltd (63 moons) against Piramal Capital and Housing Finance Ltd's resolution plan for troubled mortgage lender Dewan Housing Finance Ltd (DHFL). 
 
Earlier in July, the NCLAT had refused to grant a stay on the implementation of the resolution plan submitted by the Piramal group for DHFL. Mumbai-based financial services company 63 moons then had approached the apex court.
 
In its appeal in the Tribunal, Mumbai-based financial services company 63 moons had questioned the legality of Piramal group's resolution plan for DHFL, allegedly saying that the Piramal group may be able to potentially pocket Rs45,000 crore that may be recovered from the Wadhawans (promoters of DHFL) and their associates. 
 
"It's a matter of law and we cannot pass an interim order on the approved resolution plan," NCLAT had said in its order in July this year.
 
The appellate tribunal allowed the Piramal group and the committee of creditors (CoC) to proceed with the implementation of the resolution plan. 
 
63 moons hold over Rs200 crore worth of non-convertible debentures (NCDs) in the DHFL.
 
Do read our coverage on DHFL here… https://moneylife.in/tags/dhfl.html  
 
Comments
pradeepbm
1 month ago
so we won't get our money for another 2 months. at this rate money disbursement will be postponed for several decades. I dont think even grand childrens will get money.
krishan2k5
1 month ago
Once a resolution plan is approved by the Courts, money is available from the buyers, why NOT distribute the amount to beneficiaries. Hearing and solving of objections can continue.
In India we keep waiting for action. Authorities keep dragging the issues waiting for the claimant to die.
I think the Finance Ministry should wake up and resolve all such pending cases.
Oil Companies strengthen profits as consumers suffer from high fuel prices
Subhash Narayan (IANS) 02 September 2021
The oil price rise may have hit the fuel consumers hard, but it is the oil companies that have made the most from the current situation, strengthening their margin on the sale of petrol and diesel and jacking up...
Madras HC Quashes Case against 3 Directors of ITNL, Asks Debenture-holders To Approach SFIO
Moneylife Digital Team 02 September 2021
The Madras High Court (HC), while dismissing a case against IL&FS Transportation Networks India Ltd (ITNL) and its former directors Ravi Parthasarathy, Hari Sankaran and Ramchand Karunakaran, has asked the company’s...
Videocon Group: NCLT Orders Freeze on Promoters' Assets
Moneylife Digital Team 01 September 2021
In a significant order, the Mumbai bench of the National Company Law Tribunal (NCLT) has asked the authorities to freeze the assets of Videocon group's erstwhile promoters, including Venugopal Dhoot, his brother Pradipkumar Dhoot,...
Long-Term Demand and Regulated Business Model Keep Risks for Private Airports in Control: Report
Moneylife Digital Team 31 August 2021
Confident of air traffic growth in the long term, private airport operators will spend around Rs42,000 crore on capacity expansion over the next five years through fiscal 2026. According to a research note, that is more than double...
Free Helpline
Legal Credit
Feedback