The UP Power Corporation Contributory Provident Fund Trust also has an intervenor application, seeking release of Rs 4,100 crore. The UPPCL counsel said the 45,000 employees and their families are hit and the staffers have been boycotting work in protest at the stuck money.
Both entities have applied to intervene in the original commercial suit, by Reliance Nippon Life AMC against DHFL.
During the hearing, Reliance Nippon’s counsel argued his client was a secured creditor and deserved priority over any depositor.
Earlier, judge A K Menon had allowed DHFL
to make payments to banks
and financial institutions in line with earlier securitisation or assignment agreements.
DHFL’s counsel told the court they had money to pay all depositors but needed approval for this from other secured and unsecured creditors, as well as banks.