# In the matter of Dewan Housing Finance Corporation Limited IA No. 721 & 2852 of 2021, IA No. 532 of 2022 in CP (IB) No. 4258-(MB)-2019

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04681. The Reserve Bank of India (RBI) superseded the Board of Directors of Dewan Housing Finance…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04681
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dewan-housing-finance-corporation-limited-ia-no-721-2852-of-2021-ia-no-532-of-20-10fd5117

## Summary

### Background

The Reserve Bank of India (RBI) superseded the Board of Directors of Dewan Housing Finance Corporation Limited (DHFL) on November 20, 2019, due to governance concerns and defaults. Mr. R. Subramaniakumar was appointed as the Administrator. Subsequently, RBI filed a Company Petition, C.P. (IB) No. 4258/MB/2019, initiating the Corporate Insolvency Resolution Process (CIRP), which was admitted on December 3, 2019. The Tribunal confirmed the Administrator's appointment. Piramal Capital and Housing Finance Limited submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with a 93.65% majority. The Administrator filed an application under Section 31 of the Insolvency and Bankruptcy Code (IBC) on February 24, 2021, seeking approval of the Resolution

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## Facts

The Reserve Bank of India (RBI) superseded the Board of Directors of Dewan Housing Finance Corporation Limited (DHFL) on November 20, 2019, due to governance concerns and defaults. Mr. R. Subramaniakumar was appointed as the Administrator of DHFL. Subsequently, RBI filed a Company Petition, C.P. (IB) No. 4258/MB/2019, initiating the Corporate Insolvency Resolution Process (CIRP) against DHFL, which was admitted by the Tribunal on December 3, 2019. The Tribunal confirmed the appointment of the Administrator. Piramal Capital and Housing Finance Limited submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with a 93.65% majority. The Administrator filed an application under Section 31 of the Insolvency and Bankruptcy Code (IBC) on February

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## Issues and analysis

### Issue 1: Whether the Applications under section 43, 45, …

**Ratio:** The IBC being a special statute endeavouring to ensure that the resolution process is

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**Reasoning:** The Tribunal relied on the judgment dated 13.01.2023 of the division bench of Hon'ble

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**Interpretation:** The interpretation is that avoidance applications can survive the CIRP if all

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**Application:** In this case, the Resolution Plan submitted by Piramal Capital & Housing

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Barclays Bank…
- **Respondents:** Dewan Housing…; Piramal Capital…

## Timeline

- **2019-11-20 — RBI Supersedes Board of…**: The Reserve Bank of India (RBI) superseded the Board of Directors of Dewan Housing…
- **2019-12-03 — CIRP Admi…**: The Tribunal admitted the Company Petition filed by RBI, initiating the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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