Piramal Group said on 28 January that the recent order from National Company Law Appellate Tribunal (NCLAT) would not affect the acquisition of erstwhile Dewan Housing Finance Ltd (DHFL) and the group is weighing multiple legal options including approaching the apex court.
Jignesh Shah-founded 63 moons technologies ltd said on 27 January that the NCLAT had ordered the lenders of DHFL to consider a petition regarding the revaluation of DHFL's recoverable assets.
"We have analysed the detailed judgement of the NCLAT and consulted our legal advisors. We are confident and will continue to pursue the matter as multiple legal options are available to us for our future course of action, including approaching the Apex court," Piramal Group said in a statement to exchanges on January 28.
The DHFL acquisition by Piramal Group remains unaffected and the business integration continues as envisaged, the group said. The integration comprises assimilating into Piramal’s culture and ethos of people, practices and processes, it added.
In September 2021, PCHFL acquired DHFL for a total consideration of Rs. 34,250 crore. PCHFL has retained over 3,000 employees of the DHFL Group and are also adding over 2,000 new jobs in the merged entity. New origination of Affordable Housing loans has been restarted at all 301 branches across the country.
With the NCLAT order, now the CoC have to reconsider the provision of section 66 of IBC which mandates that the benefit should go to all the creditors of DHFL, 63 Moons said. According to 63 Moons, the CoC had, in its resolution plan, overlooked this provision.