NCLT asks DHFL lenders to consider Wadhawan’s offer
May 19, 2021
Bankers say since PCHFL’s resolution plan has been approved by majority of the lenders, it is unlikely that their decision will change.
The resolution of scam-hit DHFL has taken a new twist, with the National Company Law Tribunal (NCLT), Mumbai, asking the company’s committee of creditors (CoC) to consider former Chairman & Managing Director Kapil Wadhawan’s resolution plan within next 10 days.
This comes even as the Tribunal is weighing DHFL (Dewan Housing Finance Corporation Ltd) Administrator’s application on the resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) as approved by the CoC.
Dewan Housing share rises 5% as lender files resolution application with NCLT
Although the stock price has risen over 4.5% in the last week, it has fallen 23% in one month, 33% since the beginning of the year
BusinessToday.In | February 26, 2021 | Updated 14:25 IST
The stock of the housing finance company has risen 15.45% in the last 3 days
Share price of debt-ridden mortgage lender Dewan Housing Finance Corporation Ltd (DHFL) hit a 5% upper circuit on Friday. The stock rose after the lender said it has received no objection from the Reserve Bank and has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Ltd (PCHFL) with the National Company Law Tribunal.
Shares of Dewan Housing Finance Corporation Ltd (DHFL) were locked in the 5 per cent upper circuit band, at Rs 20 apiece, on the BSE after the insolvent housing financier received a no objection from the Reserve Bank with regards to the resolution plan of Piramal Capital & Housing Finance. In comparison, the ben chmark S&P BSE Sensex was down 1,400 points, or 2.7 per cent, at 11:19 am. On Thursday, DHFL said it has received the intimation from the RBI and has filed application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance. Pursuant to the receipt of no objection from Reserve Bank of India as per Insolvency and Bankruptcy Rules, 2019, the administrator of Dewan Housing Finance Corporation Limited (DHFL) has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) with the adjudicating authority NCLT, Mumbai Bench, DHFL said in a regulatory filing.
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DHFL resolution: Company receives no objection from RBI, files application with NCLT
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Last Updated: Feb 25, 2021, 11:26 PM IST
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Synopsis
In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.
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In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.
DHFL on Thursday said it has received no objection from the Reserve Bank and has filed application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance. Earlier this week, DHFL had announced Piramal group s resolution plan getting approval from the RBI.