The case involves an application for the substitution of the applicant in I.A. No. 721 of 2021, originally filed by the Administrator of Dewan Housing Finance Corporation Limited (DHFL) seeking the avoidance of preferential transactions. The Reserve Bank of India (RBI) had superseded the Board of Directors of DHFL due to governance concerns and defaults, initiating Corporate Insolvency Resolution Process (CIRP). Piramal Capital and Housing Finance Limited's resolution plan was approved, leading to a reverse merger and the creation of a new entity. The administrator filed I.A. No. 721 of 2021 under Sections 25(2)(j), 43, and 44 of the Insolvency and Bankruptcy Code, 2016, seeking to set aside preferential transactions. The Resolution Plan stipulated that the Resolution
…The Reserve Bank of India (RBI) superseded the Board of Directors of Dewan Housing Finance Corporation Limited (DHFL) on November 20, 2019, due to governance concerns and defaults in meeting payment obligations. Mr. R. Subramaniakumar was appointed as the Administrator. Subsequently, RBI filed a Company Petition, C.P. (IB) No. 4258/MB/2019, initiating Corporate Insolvency Resolution Process (CIRP) against DHFL, 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 majority of 93.65%. The Administrator filed an Application under Section 31 of the Code on February 24, 2021, seeking approval of the
…Sign in to view the parties.
The Reserve Bank of India (RBI) superseded…
The Tribunal admitted the Company Petition…
The case involves an application for the substitution of the applicant in I.A. No. 721 of 2021, originally filed by the Administrator of Dewan Housing Finance Corporation Limited (DHFL) seeking the avoidance of preferential transactions. The Reserve Bank of India (RBI) had superseded the Board of Directors of DHFL due to governance concerns and defaults, initiating Corporate Insolvency Resolution Process (CIRP). Piramal Capital and Housing Finance Limited's resolution plan was approved, leading to a reverse merger and the creation of a new entity. The administrator filed I.A. No. 721 of 2021 under Sections 25(2)(j), 43, and 44 of the Insolvency and Bankruptcy Code, 2016, seeking to set aside preferential transactions. The Resolution Plan stipulated that the Resolution
…The Reserve Bank of India (RBI) superseded the Board of Directors of Dewan Housing Finance Corporation Limited (DHFL) on November 20, 2019, due to governance concerns and defaults in meeting payment obligations. Mr. R. Subramaniakumar was appointed as the Administrator. Subsequently, RBI filed a Company Petition, C.P. (IB) No. 4258/MB/2019, initiating Corporate Insolvency Resolution Process (CIRP) against DHFL, 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 majority of 93.65%. The Administrator filed an Application under Section 31 of the Code on February 24, 2021, seeking approval of the
…The Reserve Bank of India (RBI) superseded…
The Tribunal admitted the Company Petition…