The appeal was filed by Fixed Deposit (FD) holders of Dewan Housing Finance Corporation Limited (DHFL), challenging the resolution plan approved by the Committee of Creditors (CoC). The FD holders were aggrieved by the distribution mechanism, which they claimed gave them a significant haircut compared to other financial creditors. The appellants argued that the resolution plan contravened the provisions of the National Housing Bank (NHB) Act and was discriminatory and arbitrary. The NCLT had approved the resolution plan, leading to the appeal before the NCLAT.
Dewan Housing Finance Corporation Limited (DHFL), a Non-Banking Financial Company (NBFC) and Financial Service Provider (FSP), faced a liquidity crisis and defaulted on its repayment obligations. The Reserve Bank of India (RBI) superseded the Board of Directors and appointed an administrator. The Corporate Insolvency Resolution Process (CIRP) was initiated against DHFL. The resolution plan submitted by Piramal Capital & Housing Finance Limited was approved by the Committee of Creditors (CoC) with 93.65% votes. Fixed deposit (FD) holders, who are financial creditors, challenged the resolution plan, arguing that it unfairly treated them by giving them a significant haircut. The total claim amount of public depositors was Rs.5,433 crores, approximately claim of
…Sign in to view the parties.
The Reserve Bank of…
Moratorium commenced…
The appeal was filed by Fixed Deposit (FD) holders of Dewan Housing Finance Corporation Limited (DHFL), challenging the resolution plan approved by the Committee of Creditors (CoC). The FD holders were aggrieved by the distribution mechanism, which they claimed gave them a significant haircut compared to other financial creditors. The appellants argued that the resolution plan contravened the provisions of the National Housing Bank (NHB) Act and was discriminatory and arbitrary. The NCLT had approved the resolution plan, leading to the appeal before the NCLAT.
Dewan Housing Finance Corporation Limited (DHFL), a Non-Banking Financial Company (NBFC) and Financial Service Provider (FSP), faced a liquidity crisis and defaulted on its repayment obligations. The Reserve Bank of India (RBI) superseded the Board of Directors and appointed an administrator. The Corporate Insolvency Resolution Process (CIRP) was initiated against DHFL. The resolution plan submitted by Piramal Capital & Housing Finance Limited was approved by the Committee of Creditors (CoC) with 93.65% votes. Fixed deposit (FD) holders, who are financial creditors, challenged the resolution plan, arguing that it unfairly treated them by giving them a significant haircut. The total claim amount of public depositors was Rs.5,433 crores, approximately claim of
…The Reserve Bank of…
Moratorium commenced…