New Delhi: The National Company Law Appellate Tribunal (NCLAT) will hear pleas by fixed deposit and NCD holders of Dewan Housing Finance Corp Ltd (DHFL) and it's former promoter Kapil Wadhawan against the approval of Piramal Capital and Housing's resolution plan for the bankrupt NBFC. In June, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of Piramal Capital and Housing Finance Limited. However, the order was challenged by Wadhawan at the appellate tribunal.
Although, DHFL has reportedly sent messages to fixed deposit and NCD holders, asking them to update their bank account and contact details, many of the FD and NCD holders have expressed concerns about the transfer of funds, pointing out that their petitions challenging the payout of funds are pending in court. FD holders have also appealed in the Bombay High Court.
All these cases will be heard at the NCLAT court on Wednesday. Under the current resolution plan, FD holders will get about Rs 1,241 crore, against their admitted claims of about Rs 5,400 crore.NCD holders are also likely to get lower than the admitted claims and as such FD and NCD holders have been against the Piramal resolution plan. Wadhawan, on the other hand, has been fighting against the resolution plans which offer "high haircuts".