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Piramal to get recovery from DHFL's fraudulent deals: SC
Mint Mumbai
|April 02, 2025
SC found that the distribution mechanism of the resolution plan did not violate any provisions of the RBI or NHB acts
The Supreme Court on Tuesday ruled that funds recovered from the fraudulent transactions at Dewan Housing Finance Corporation Ltd (DHFL) will go to Piramal Capital & Housing Finance Ltd, the successful resolution applicant for the bankrupt company.
The apex court upheld Piramal's resolution plan and also overturned a January 2022 order by the National Company Law Appellate Tribunal (NCLAT) that directed lenders to reconsider the valuation of the recoveries and the distribution of the recovery proceeds.
A bench of Justice Bela Trivedi and Justice Satish Chandra Sharma dismissed appeals filed by fixed deposit holders and non-convertible debenture holders, including 63 Moons Technologies Ltd, who challenged the resolution plan and the mechanism of distributing the recoveries.
This story is from the April 02, 2025 edition of Mint Mumbai.
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