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NCLT gives conditional permission to Piramal Group’s resolution plan


NCLT gives conditional permission to Piramal Group's resolution plan 1

New Delhi. The Mumbai Bench of the National Company Law Tribunal has given conditional permission to the resolution plan of Piramal Group in the Dewan Housing Finance Limited case. It is noteworthy that the committee of creditors had given its permission to the resolution plan of Piramal Group in the month of January this year. After this, it was approved by the Reserve Bank of India (RBI) in February. After that the Competition Commission of India (CCI) also gave its approval in the month of April.

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In this entire case, Piramal Group’s company Piramal Capital and Housing Finance had offered to take over Dewan Housing Finance Limited for Rs 37,250 crore. Under the offer, many things were said like merging the entire business of DHFL with Piramal Group company, getting the company delisted and writing off equity.

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Hearing the arguments on the entire matter, the Mumbai Bench also dismissed the appeal of Kapil Badhawan, former promoter of Dewan Housing Finance Limited, in which he had sought to provide a copy of the resolution plan. Let us tell you that Badhawan has also appealed in the Supreme Court regarding this matter, due to which Piramal Group may face many legal hurdles in taking over DHFL. Legal experts believe that it may take a long time to resolve this matter.

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