Companies

NCLAT to hear FD holders’ plea in DHFL resolution case on Sept 16

Surabhi Mumbai | Updated on July 27, 2021

Petitioners plan to move SC for interim protection

The National Company Law Appellate Tribunal (NCLAT) has refused to grant a stay on the interim application of fixed deposit holders to stay the resolution plan of Dewan Housing Finance Corporation Ltd.

It has issued notice to all respondents based on the plea by the FD holders and has set September 16 as the next date of hearing.

The petitions of the FD holders were taken up for hearing by the NCLAT on Tuesday.

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FD holders of DHFL had filed a petition challenging the NCLT’s approval for the resolution plan of DHFL and seeking repayment of 100 per cent of their claims.

“Over the next few days, we will be moving the Supreme Court for interim protection,” said Vinay Kumar Mittal, a lead petitioner in the court on behalf of the FD holders of DHFL.

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Under the current resolution plan, FD holders will get about ₹1,241 crore, or 23 per cent of their admitted claims of about ₹5,400 crore.

The NCLT had asked the committee of creditors of DHFL to reconsider and increase the recovery for small investors to about 40 per cent of their admitted claims. The proposal was put to vote but rejected by the CoC.

Last week, the NCLAT had refused to grant an interim stay in the resolution plan of DHFL on the plea of NCD holder 63 Moons Technologies. It had set September 15 as the date for final hearing on the matter.

Published on July 27, 2021

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