The case involves writ petitions filed by Dewan Housing Finance Corporation Limited (DHFL) and Piramal Capital & Housing Finance Limited challenging an order by the CBI Court that partially allowed DHFL's application under Section 32A of the Insolvency and Bankruptcy Code (IBC). The CBI Court rejected the prayer for discharge made by DHFL but permitted the Corporate Debtor to be prosecuted through its erstwhile Directors. The successful resolution applicant, Piramal Capital, also challenged the order. The applicant in Interim Application No. 14632 of 2021 is the erstwhile Chairman and Managing Director of Dewan Housing Finance Corporation Limited and the co-accused in Special Case No.820/2021. The Resolution Plan submitted by Piramal Capital and Housing Finance
…Dewan Housing Finance Corporation Limited (DHFL) is a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India (RBI). On November 20, 2019, RBI superseded the Board of Directors of DHFL due to governance concerns and defaults. On November 29, 2019, RBI filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against DHFL under IBC. On December 3, 2019, the National Company Law Tribunal (NCLAT) admitted the Company Petition and commenced the moratorium period. On March 7, 2020, the CBI registered an FIR against DHFL and its erstwhile Directors, including Kapil Wadhwan and Dhiraj Wadhwan, under various sections of the Indian Penal Code and the Prevention of Corruption Act. The transactions forming the subject matter of the
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RBI superseded Board of…
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The case involves writ petitions filed by Dewan Housing Finance Corporation Limited (DHFL) and Piramal Capital & Housing Finance Limited challenging an order by the CBI Court that partially allowed DHFL's application under Section 32A of the Insolvency and Bankruptcy Code (IBC). The CBI Court rejected the prayer for discharge made by DHFL but permitted the Corporate Debtor to be prosecuted through its erstwhile Directors. The successful resolution applicant, Piramal Capital, also challenged the order. The applicant in Interim Application No. 14632 of 2021 is the erstwhile Chairman and Managing Director of Dewan Housing Finance Corporation Limited and the co-accused in Special Case No.820/2021. The Resolution Plan submitted by Piramal Capital and Housing Finance
…Dewan Housing Finance Corporation Limited (DHFL) is a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India (RBI). On November 20, 2019, RBI superseded the Board of Directors of DHFL due to governance concerns and defaults. On November 29, 2019, RBI filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against DHFL under IBC. On December 3, 2019, the National Company Law Tribunal (NCLAT) admitted the Company Petition and commenced the moratorium period. On March 7, 2020, the CBI registered an FIR against DHFL and its erstwhile Directors, including Kapil Wadhwan and Dhiraj Wadhwan, under various sections of the Indian Penal Code and the Prevention of Corruption Act. The transactions forming the subject matter of the
…RBI superseded Board of…
RBI filed Company Petition under the…