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DHFL resolution: SC lists matter for Thursday

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Money & Banking

Both the Piramal Group and certain top banks had approached the Supreme Court in separate appeals.

The Supreme Court on Tuesday commenced hearing appeals from both the Piramal Group and certain top banks in the erstwhile DHFL resolution matter. The apex court has now listed the hearing for Thursday.

“Upon hearing the counsel, the court made the following order: List on 12.05.2022,” read the order issued by the apex court. Both the Piramal Group and certain top banks had approached the Supreme Court in separate appeals.

It maybe recalled that the Supreme Court had on April 11 stayed the National Company Law Appellate Tribunal’s (NCLAT) order that ruled a stipulation in the DHFL resolution plan as “illegal”, on recovery of avoidance transactions. A SC bench headed by Chief Justice of India NV Ramana had also then issued a notice on separate appeals filed by the Piramal Group firm as well as some top banks forming part of the Committee of Creditors (CoC) in the matter. 

The Piramal Group had moved the apex court against the NCLAT ruling in the 63 moons challenge. NCLAT had — in the matter of the 63 moons challenge — in January 2022 set aside the term in the DHFL resolution plan permitting Piramal Group (successful resolution applicant) to appropriate recoveries from avoidance transactions. Piramal Group, which had acquired DHFL last September, filed the appeal in the Supreme Court on February 16 and the case was registered on February 25.

NCLAT had, in the 63 moons challenge order in January, sent the authorised resolution plan back to the CoC to reconsider this aspect of the valuation of avoidable transactions pertaining to the recoverable belongings.

Published on May 10, 2022

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