The appeals were filed against interim orders passed by the High Court of Judicature at Bombay. These orders related to Commercial Suit No.1034 of 2019, filed by Reliance Nippon Life Asset Management Ltd. (Respondent No.4) for recovery of a sum of Rs.479,31,29,113/- from Dewan Housing Finance Corporation Limited (DHFL, Respondent No.1). Respondent No.4 had subscribed to Non-Convertible Debentures (NCDs) of DHFL. The High Court had restrained Respondent No.1 from making further payments to unsecured creditors. The Appellants, who are depositors with DHFL, challenged the High Court's orders restraining DHFL from making payments towards their fixed deposits. The Reserve Bank of India (RBI) filed an application before the NCLT to initiate the Corporate Insolvency
…Reliance Nippon Life Asset Management Ltd. (Respondent No.4) filed Commercial Suit No.1034 of 2019 against Dewan Housing Finance Corporation Limited (DHFL, Respondent No.1) for recovery of Rs.479,31,29,113/- due to DHFL's failure to redeem Non-Convertible Debentures (NCDs) subscribed by Respondent No.4. The High Court of Judicature at Bombay restrained Respondent No.1 from making payments to unsecured creditors. The Appellants, depositors with DHFL, challenged these orders. The Reserve Bank of India (RBI) initiated Corporate Insolvency Resolution Process (CIRP) against DHFL under Section 227 and 239(2)(zk) of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT imposed a moratorium under Section 14 of the IBC, prohibiting suits against DHFL. The RBI appointed Mr.R.
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The High Court of Judicature at Bombay…
The High Court directed the continuance of…
The appeals were filed against interim orders passed by the High Court of Judicature at Bombay. These orders related to Commercial Suit No.1034 of 2019, filed by Reliance Nippon Life Asset Management Ltd. (Respondent No.4) for recovery of a sum of Rs.479,31,29,113/- from Dewan Housing Finance Corporation Limited (DHFL, Respondent No.1). Respondent No.4 had subscribed to Non-Convertible Debentures (NCDs) of DHFL. The High Court had restrained Respondent No.1 from making further payments to unsecured creditors. The Appellants, who are depositors with DHFL, challenged the High Court's orders restraining DHFL from making payments towards their fixed deposits. The Reserve Bank of India (RBI) filed an application before the NCLT to initiate the Corporate Insolvency
…Reliance Nippon Life Asset Management Ltd. (Respondent No.4) filed Commercial Suit No.1034 of 2019 against Dewan Housing Finance Corporation Limited (DHFL, Respondent No.1) for recovery of Rs.479,31,29,113/- due to DHFL's failure to redeem Non-Convertible Debentures (NCDs) subscribed by Respondent No.4. The High Court of Judicature at Bombay restrained Respondent No.1 from making payments to unsecured creditors. The Appellants, depositors with DHFL, challenged these orders. The Reserve Bank of India (RBI) initiated Corporate Insolvency Resolution Process (CIRP) against DHFL under Section 227 and 239(2)(zk) of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT imposed a moratorium under Section 14 of the IBC, prohibiting suits against DHFL. The RBI appointed Mr.R.
…The High Court of Judicature at Bombay…
The High Court directed the continuance of…