The case involves a Company Appeal (AT) (Insolvency) No. 370 of 2021 filed against an order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench). The Corporate Insolvency Resolution Process (CIRP) was initiated against Dewan Housing Finance Corporation Ltd. (DHFL) by the Reserve Bank of India under Rule 5 of Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The appeal contests the Adjudicating Authority's direction to the Administrator to place a second settlement proposal by Kapil Wadhawan before the Committee of Creditors (CoC) for consideration, despite a resolution plan already being approved and pending before the Adjudicating
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Dewan Housing Finance Corporation Ltd. (DHFL) by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The RBI suspended the Board of Directors of DHFL and appointed an Administrator. A resolution plan from Piramal Capital and Housing Finance Ltd. was approved by the Committee of Creditors (CoC) with 93.65% of the vote, and the RBI issued a No Objection for the change of control and ownership. Despite the approved resolution plan, the Adjudicating Authority directed the Administrator to place a second settlement proposal from Kapil Wadhawan, the original
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The case involves a Company Appeal (AT) (Insolvency) No. 370 of 2021 filed against an order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench). The Corporate Insolvency Resolution Process (CIRP) was initiated against Dewan Housing Finance Corporation Ltd. (DHFL) by the Reserve Bank of India under Rule 5 of Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The appeal contests the Adjudicating Authority's direction to the Administrator to place a second settlement proposal by Kapil Wadhawan before the Committee of Creditors (CoC) for consideration, despite a resolution plan already being approved and pending before the Adjudicating
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Dewan Housing Finance Corporation Ltd. (DHFL) by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The RBI suspended the Board of Directors of DHFL and appointed an Administrator. A resolution plan from Piramal Capital and Housing Finance Ltd. was approved by the Committee of Creditors (CoC) with 93.65% of the vote, and the RBI issued a No Objection for the change of control and ownership. Despite the approved resolution plan, the Adjudicating Authority directed the Administrator to place a second settlement proposal from Kapil Wadhawan, the original
…Company Petition was…
Respondent No. 1 sent…