DHFL
DHFL INSOLVENCY CASE ; 14.06.2021
* Piramal Capital & Housing Finance to be reverse merged into DHFL. Overall implementation to be completed in 90 days excluding any litigation
• No additional monetary obligation for Piramal over and above Rs 37,250 cr committee
• Suggest CoC to reconsider inter se distribution of resolution money among various creditors
* Suggest ARMY Group's investment be treated as a separate class, suggest CoC to reconsider & pay full admitted claim of Rs 39 cr
• NCLT directs CoC to consider redistribution of funds within 2 weeks from order
• Piramal to infuse Rs 1 cr equity in DHFL to subscribe to equity shares, Delist DHFL from BSE/NSE entirely
* Some highlights from the DHFL case, after depositories suspended trading of the insolvent housing finance company
• NCLT pproves Piramal Capital & Housing Finance's Rs 37,250 cr resolution plan (RP) for DHFL
* Names Ashok Kacker as an Observer Cum Permanent Invitee in Monitoring Committee
▪ Monitoring Committee to have 3 reps of CoC, 2 reps of Piramal Group, Administrator, Ashok Kakkar
• Adjudicating Authority is not expected to substitute its view on findings reach at/or conclusion of the CoC
• FD holders' request is to increase payment to same level as secured FCs, at over 40% recovery
