on Jun 15, 2021)Mumbai: The National Company Law Tribunal, which approved Piramal Group’s resolution plan for DHFL last week, has placed several conditions in its order as it now emerges.
The order, signed by Ravikumar Duraisamy and H P Chaturvedi, has given the committee of creditors of DHFL two weeks to consider a redistribution of funds that they will receive from the Piramal Group to small investors.
The court has also appointed Ashok Kacker, former executive director of Sebi and ex-director of
Asset Management, as an observer-cum-permanent invitee in a seven-member group that will have management and control of DHFL until the implementation date.
The other six members include three representatives from the lenders, two from the Piramal Group and the administrator.
Lenders are not bound to make a payment that is more than what they are required to in terms of the resolution plan. The court has said that it does not expect the bidder to up his offer, but has asked the creditors to meet and consider a higher payout for small investors. These include public depositors, fixed deposit holders, NCD holders, small investors, Employees Provident Fund Trust, and Army Group Insurance Fund.
