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NCLT appoints monitoring committee to manage DHFL during transition period: Report

The NCLT had on June 7 approved Piramal Group's overall resolution plan for DHFL, subject to a few conditions.

June 13, 2021 / 03:58 PM IST
The NCLT had on June 7 approved Piramal Group's overall resolution plan for DHFL, subject to a few conditions.

The NCLT had on June 7 approved Piramal Group's overall resolution plan for DHFL, subject to a few conditions.

The National Company Law Tribunal (NCLT) has named a seven-member monitoring committee for interim management and control of Dewan Housing Finance (DHFL), CNBC-TV18 reported.

The committee will manage the struggling mortgage lender until Piramal Group's resolution plan is implemented, the report said.

The NCLT had on June 7 approved Piramal Group's overall resolution plan for DHFL, subject to a few conditions.

Also read - DHFL Insolvency Case: NCLT approves Piramal Group's resolution plan

During the period between the date of the court approval and the implementation date, the management and control of the corporate debtor would vest with the Monitoring Committee, the NCLT is quoted as saying in the report.

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The Monitoring Committee comprises three representatives nominated by the CoC, two representatives nominated by the Successful Resolution Applicant, the RBI-appointed Administrator, and a court-appointed "Observer Cum Permanent Invitee".

Also read: BSE, NSE suspend trading in DHFL shares

The NCLT named Ashok Kacker, retired Chief Commissioner of Income Tax and Former Executive Director of Sebi, as the observer and permanent invitee of the committee "to ensure smooth functioning and change over to the Successful Resolution Applicant," the report said.

The NCLT had on May 21 asked DHFL's lenders to vote on former DHFL promoter Kapil Wadhawan's settlement offer, an order that was stayed by the National Company Law Appellate Tribunal (NCLAT) on May 25.

Subsequently, Wadhawan moved the Supreme Court against the NCLAT's decision.
Moneycontrol News
first published: Jun 13, 2021 03:58 pm

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