NCLT approves Piramal’s offer for bankrupt DHFL

Mumbai, June 7

The National Company Law Tribunal (NCLT) on Monday gave its approval to Piramal Group’s bid for bankrupt DHFL, subject to certain conditions.

The tribunal’s Mumbai Bench, chaired by HP Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgment from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court’s judgment on Kapil Wadhawan in the matter. In its order, NCLT asked DHFL’s (Dewan Housing Finance Corporation Ltd) Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan.

Nod subject to certain conditions

• On May 25, NCLAT stayed the direction of NCLT asking the lenders of DHFL to consider the offer by ex-promoter
• The 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 CoC
• In January this year, the CoC voted in favour of selling DHFL to the Piramal Group under the IBC

“We are not remanding the plan back to CoC, we respect their commercial wisdom,” it said.

NCLT also rejected former DHFL promoter Kapil Wadhawan’s plea to get access to a copy of the resolution plan.

Last 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. — PTI