On Tuesday, making an about-turn, the Mumbai bench of the National Company Law Tribunal (NCLT) chaired by HP Chaturvedi and Ravikumar Duraisamy, allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore.
It had on May 25 asked the committee of creditors to consider the Wadhawans offer of paying back almost Rs 93,000 crore to the lenders and creditors, which was stayed by the NCLAT after the Pirmal group challenged it. But on Monday the bench cleared the Pirmal bid saying they respected the commercial wisdom of the lenders and thus also rejected the former DHFL promoters' offer to pay back more than 100 per cent of the claims.
In November 2019, DHFL became the first NBFC to be referred for bankruptcy by the RBI.
Equity shares of Dewan Housing Finance Corporation Ltd will be delisted from the stock exchanges going ahead, as part of the resolution plan of Piramal Capital & Housing Finance Ltd.
"As part of the Resolution Plan, the equity shares of the Company are proposed to be delisted. Appropriate disclosures in terms of Regulation 3(3) of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, shall be made following receipt of the copy of the Order by the National Company Law Tribunal approving the Resolution Plan," DHFL said in a regulatory filing.
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