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Friday, June 25, 2021

Appellate tribunal stays NCLT order on Wadhawan offer

On May 24, the administrator and the lenders of DHFL in two separate petitions had asked the NCLAT to dismiss the NCLT order asking them to evaluate Wadhawan’s offer and termed it as “illegal and in breach of settled provision of law”.

By: ENS Economic Bureau | Mumbai |
Updated: May 26, 2021 5:13:53 am
While the NCLAT will now hear the case on July 25, it said the appeal should not delay the resolution process currently underway.

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the May 19 order of the National Company Law Tribunal (NCLT) that directed the administrator of Dewan Housing Finance Corporation Ltd (DHFL) to place the settlement offer of the firm’s jailed promoter Kapil Wadhawan before the committee of creditors (CoC) and has asked the CoC to consider the proposal within 10 days.

While the appellate tribunal will now hear the case on July 25, it said the appeal should not delay the resolution process currently underway, where the Piramal Group has received the approval of the Reserve Bank of India (RBI) to acquire DHFL.

On May 24, the administrator and the lenders of DHFL in two separate petitions had asked the NCLAT to dismiss the NCLT order asking them to evaluate Wadhawan’s offer and termed it as “illegal and in breach of settled provision of law”. On Tuesday, Piramal group moved the NCLAT against the order of the NCLT.

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