Piramal Capital And Housing Finance Limited Vs 63 Moons Technologies Limited & Others (Supreme Court of India)
Supreme Court held that resolution plan by Successful Resolution Application i.e. Piramal Capital and Housing Limited for Dewan Housing Finance Corporation Ltd [DHFL] stands approved. Accordingly, appeal filed by assessee dismissed.
Facts- The DHFL was a housing finance company and a non-banking financial company regulated under the provisions of NHB Act and RBI Act, engaged in the business of providing housing finance services to retail customers, including under the Pradhan Mantri Awas Yojana (under the credit linked subsidy scheme) as well as certain project loans, mortgage finance and construction loans etc. DHFL was accused of committing India’s one of the biggest financial scams, worth thousands of crores of rupees, involving accusation of loan frauds, money laundering, creating web of fake borrowers and shell companies etc.
RBI then on 29.11.2019 filed a Company Petition u/s. 227 read with Section 239 (2) (zk) of IBC before the NCLT, for initiating CIRP proceedings. The Adjudicating Authority directed commencement of CIRP of the CD – DHFL.
On 02.03.2020, the Administrator issued a Request for Resolution Plan Proposal (RFRP) for DHFL in accordance with Regulation 36B of CIRP Regulations, 2016. The said RFRP was revised by the Administrator, and the revised RFRP was issued on 17.03.2020.
