NCLT order on DHFL stayed

New Delhi, May 25

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the direction of NCLT Mumbai directing the lenders of DHFL to consider the offer by the debt-ridden mortgage firm’s erstwhile promoter Kapil Wadhawan.

A vacation Bench of NCLAT comprising acting chairman Justice AIS Cheema and member technical VP Singh stayed the order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT).

On May 19, NCLT Mumbai had directed the settlement plan offered by Wadhawan to be considered by the lenders of DHFL, one of the lawyers engaged in the matter said.

Meanwhile, the appellate tribunal also clarified its order should not come in the way for NCLT to decide the approval of the plan selected by the Committee of Creditors (CoC), the lawyer added.

In January, the CoC voted in favour of selling DHFL to the Piramal Group under the bankruptcy process. — PTI

Settlement plan by ex-promoter

• On May 19, NCLT Mumbai had directed the settlement plan offered by erstwhile promoter Kapil Wadhawan to be considered by the lenders of DHFL
• The appellate tribunal also clarified its order should not come in the way for NCLT to decide the approval of the plan selected by the Committee of Creditors