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DHFL Resolution: SC stays NCLAT order, to hear appeals on May 5

Business Line  

The Supreme Court has stayed the National Company Law Appellate Tribunal's (NCLAT) order that ruled a stipulation in the DHFL resolution plan as “illegal”. A SC bench issued a notice on separate appeals filed by the Piramal Group firm as well as some top banks forming part of the Committee of Creditors (CoC) in the erstwhile DHFL's resolution matter. Previously, the Piramal Group had moved the apex court against the NCLAT ruling in the 63 moons challenge. NCLAT had, in January 2022, set aside the term in the DHFL resolution plan permitting Piramal Group (successful resolution applicant) to appropriate recoveries from avoidance transactions.