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Fixed deposit holders of Dewan Housing Finance Corporation have approached the Supreme Court over the resolution plan.
“A section of the fixed deposit holders of DHFL have filed a petition in the Supreme Court against the order by the National Company Law Appellate Tribunal. We feel that the NCLAT is unjust,” said Vinay Kumar Mittal, a lead petitioner on behalf of the FD holders of the housing finance company.
The matter is likely to be listed in the next eight to 10 days, he said.
FD holders of DHFL have been unhappy with the resolution plan and have been seeking 100 per cent repayment of their claims.
The NCLAT, in its order on the January 27, 2022 plea by various FD holders of DHFL, held that the adjudicating authority has not erred in approving the resolution plan that proposes extinguishing claims to the fixed deposits without discharging their payments in full to holders of FD.
“Therefore, it does not contravene the statutory provisions of the NHB Act and RBI Act,” it had held. Further, as the case may be, the NHB Act or RBI Act does not mandate the FULL payment to the FD and Deposit Holders, it had said.
Extinguishing claims
Under the approved resolution plan, FD holders received about ₹1,241 crore or 23 per cent of their admitted claims of about ₹5,400 crore.
The Mumbai bench of the NCLT had approved the resolution plan by Piramal Capital and Housing Finance in June last year. The ₹34,250 crore plan included an upfront cash component of ₹14,700 crore.
In all, DHFL had admitted claims of about ₹88,000 crore. Banks had recovery of about 40 per cent of their loans.
The acquisition of DHFL by Piramal was completed in September last year but there are various petitions against the resolution plan in the Supreme Court.
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