In January this year, the COC voted in favor of selling DHFL to Piramal Group as part of the insolvency process.
There is news of relief for Ajay Piramal, the head of the Piramal Group and the brother-in-law of Mukesh Ambani, the richest man in the country. The National Company Law Appellate Tribunal (NCLAT) has stayed an order in the DHFL case of NCLT, Mumbai. The NCLAT directed the lenders of DHFL to consider the proposal of Kapil Wadhavan, the former promoter of the home finance company.
The leave bench of NCLAT acting chairman Justice AIS Cheema and member technical VP Singh granted a stay on the order passed by the Mumbai bench of NCLT. A lawyer associated with the matter said that the NCLT, Mumbai had directed on May 19 to consider the offer made by DHFL lenders Wadhawan.
However, the Appellate Tribunal has clarified that its order will not come in the way of approval of the scheme selected by the NCLT’s Lenders’ Committee (CoC).
What is the matter
In January this year, the COC voted in favor of selling DHFL to Piramal Group as part of the insolvency process. NCLAT ordered this Dewan Housing Finance Corporation Ltd. (DHFL) has given the petition of Union Bank of India on behalf of the Lenders’ Committee. This order of NCLAT has not yet been put on the website of the Appellate Tribunal.
The Mumbai bench of NCLT had last week directed the Administrator of DHFL appointed by the Reserve Bank (RBI) to put before the COC the resolution plan made by the jailed Wadhavan. The tribunal gave the COC 10 days to consider the offer.
DHFL to acquire 34250 crores
Explain that in February this year, the RBI had approved the acquisition of DHFL to Piramal Group for Rs 34250 crore. The COC approved the solution plan of Piramal Group and Housing Finance Limited, a Piramal Group company, in January.
Ajay Piramal is close to the country’s most famous industrialist Mukesh Ambani. Piramal Group’s business is in the financial services and pharmaceutical sectors. Apart from this, he also has a business in real estate. His son Anand Piramal is married to Isha Ambani, the only daughter of Mukesh Ambani.
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