The case involves two appeals (546/2021 and 552/2021) challenging the resolution plan approved by the Adjudicating Authority (NCLT, Mumbai Bench) for Dewan Housing Finance Corporation Limited (DHFL). The appeals were filed by Air Force Group Insurance Society and Anup Kumar Shrivastava & Vibha Shrivastava, who are fixed deposit holders of DHFL. The appellants contended that the resolution plan unfairly treated them compared to other financial creditors and violated the National Housing Bank (NHB) Act and Reserve Bank of India (RBI) Act. The Adjudicating Authority had suggested reconsideration of the payment percentage to small investors and full payment to the Army Group Insurance Fund, but the CoC rejected the revision.
Air Force Group Insurance Society and Anup Kumar Shrivastava & Vibha Shrivastava, fixed deposit (FD) holders of Dewan Housing Finance Corporation Limited (DHFL), filed appeals challenging the resolution plan approved by the NCLT. The appellants argued that the resolution plan unfairly treated them compared to other financial creditors and violated the National Housing Bank (NHB) Act and Reserve Bank of India (RBI) Act. The Adjudicating Authority suggested reconsidering the payment percentage to small investors and full payment to the Army Group Insurance Fund, but the CoC rejected the revision. The appellants contended that their deposits were made from lifetime earnings and provident funds, and the NHB Act mandates full repayment. The respondents argued that the
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Corporate Insolvency Resolution Process was…
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The case involves two appeals (546/2021 and 552/2021) challenging the resolution plan approved by the Adjudicating Authority (NCLT, Mumbai Bench) for Dewan Housing Finance Corporation Limited (DHFL). The appeals were filed by Air Force Group Insurance Society and Anup Kumar Shrivastava & Vibha Shrivastava, who are fixed deposit holders of DHFL. The appellants contended that the resolution plan unfairly treated them compared to other financial creditors and violated the National Housing Bank (NHB) Act and Reserve Bank of India (RBI) Act. The Adjudicating Authority had suggested reconsideration of the payment percentage to small investors and full payment to the Army Group Insurance Fund, but the CoC rejected the revision.
Air Force Group Insurance Society and Anup Kumar Shrivastava & Vibha Shrivastava, fixed deposit (FD) holders of Dewan Housing Finance Corporation Limited (DHFL), filed appeals challenging the resolution plan approved by the NCLT. The appellants argued that the resolution plan unfairly treated them compared to other financial creditors and violated the National Housing Bank (NHB) Act and Reserve Bank of India (RBI) Act. The Adjudicating Authority suggested reconsidering the payment percentage to small investors and full payment to the Army Group Insurance Fund, but the CoC rejected the revision. The appellants contended that their deposits were made from lifetime earnings and provident funds, and the NHB Act mandates full repayment. The respondents argued that the
…Corporate Insolvency Resolution Process was…
Adjudicating Authority…