# In the matter of Piramal Capital & Housing Finance Limited
Vs.
Nayati Healthcare & Research NCR Pvt. Ltd. & Anr. I.A. No. 2136 of 2022 in
Comp. App. (AT) (Ins.) No. 540 of 2022

> NCLAT judgment dated 2022-07-20. Citation: TCN-2022-NCLAT-00341. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 20 Jul 2022
- **Citation:** TCN-2022-NCLAT-00341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/piramal-capital-housing-finance-limited-vs-nayati-healthcare-research-ncr-pvt-lt-7a5bf08a

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) regarding the appropriation of sale consideration received from the sale of a property in Gurgaon to Apollo Hospitals North Ltd. The application, I.A. No. 2136 of 2022, was filed by Yes Bank Limited, seeking orders to allow the appropriation of funds as per the terms contained in the Yes Bank NOC and Piramal NOC. The corporate debtor had given a 'no objection' to the distribution.

## Facts

Piramal Capital & Housing Finance Limited (formerly DHFL) is the appellant. Nayati Healthcare & Research NCR Pvt. Ltd. & Anr. are the respondents. Yes Bank Limited filed an application (I.A. No. 2136 of 2022) seeking the appropriation of sale consideration received from the sale of a Gurgaon property to Apollo Hospitals North Ltd. The requested appropriation includes INR 358,30,78,501 for Yes Bank Ltd, INR 30,00,00,000 for Piramal Capital & Housing Finance Ltd., and the remaining proceeds for the Corporate Debtor to discharge other liabilities. The Corporate Debtor had given a 'no objection' to the distribution. The assets were sold for INR 427.05 Crs. A settlement has been reached between the Appellant and the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application filed by Yes Bank Limited for appropriation of sale consideration should be …

**Ratio:** The principle of allowing an application when the opposing party has no objection and the

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**Reasoning:** The court allowed the application because the Appellant (Piramal Capital & Housing

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**Interpretation:** This issue involves the interpretation of contractual agreements (NOCs) and the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** PIRAMAL CAPITAL &…
- **Respondents:** Nayati Healthcare…

## Timeline

- **2022-05-12 — Previous…**: The Tribunal directed that any action taken in the meanwhile shall abide by the result of…
- **2022-05-11 — DRT Obser…**: The DRT observed that before conducting the sale, the Tribunal shall be informed prior in…

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