DHFL Insolvency Case: Piramal Group has placed bets for DHFL which is going through insolvency process.
close to mukesh ambani
Ajay Piramal, the head of the Piramal Group and the richest person in the country, Mukesh Ambani, has got double happiness. The National Company Law Tribunal (NCLT) has given its approval to Piramal Group’s bid for DHFL, a non-banking financial services company going through insolvency process, with certain conditions. At the same time, DHFL recovered from losses in the January-March quarter.
The Mumbai bench of the tribunal headed by H P Chaturvedi and Ravikumar Duraisamy said the approval is subject to the final decision of the National Company Law Appellate Tribunal (NCLAT) in the Kapil Wadhawan case and the Supreme Court’s decision in the matter.
Consider giving more money to small FDs
The NCLT, in its order, asked the Dewan Housing Finance Corporation Limited (DHFL) to consider giving more funds to the small fixed deposits of the insolvent company under the resolution plan approved by the Committee of Creditors (CoC).
We are not sending the scheme back to the CoC, we respect their professional knowledge, the tribunal said. The NCLT also dismissed a plea by former DHFL promoter Kapil Wadhawan to obtain a copy of the resolution plan.
Earlier, on May 25, the NCLAT had stayed the order of the NCLT, in which the lenders of DHFL were asked to consider the proposal of the Wadhawans. The appellate tribunal had also made it clear that its order would not come in the way of the NCLT in granting approval to the resolution plan chosen by the CoC.
The company was in loss, now profit of 97 crores
DHFL has earned a consolidated net profit of Rs 96.75 crore in the fourth quarter of the last financial year. DHFL, which is going through the corporate insolvency process, had a net loss of Rs 7,507.01 crore in the same quarter of the previous financial year. The company had a loss of Rs 13,095.38 crore in the December quarter.
In the entire financial year 2020-21, the non-banking financial company has incurred a net loss of Rs 15,051.17 crore. In the previous financial year, the loss was Rs 13,455.81 crore.
The company’s consolidated total income declined to Rs 2,060.57 crore in the fourth quarter of the last financial year from Rs 2,160.98 crore in the same quarter of the previous financial year.
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