The Piramal group is planning to move the Supreme Court to appeal an NCLAT order requiring lenders to reconsider Piramal’s 1 Re 1 value attributable to Rs 45,000 crore of bad loans.
In a statement, Piramal said NCLAT has ordered a committee of creditors (CoC) for one of the appeals, limited to challenge the extent to which the fraudulent transaction’s distribution of proceeds, if any, was for its benefit. “We have analyzed the NCLAT decision in detail and consulted with our legal counsel. We are confident and will continue to pursue this matter as we have multiple legal options for our future actions, including approaching the Apex court,” Piramal said in a statement.
The acquisition of DHFL by the Piramal Group is unaffected and business integration continues as expected.
In September 2021, PCHFL acquired DHFL for a total consideration of Rs 34,250 crore, it said. PCHFL retains more than 3,000 employees of the DHFL Group and is also adding more than 2,000 new jobs in the combined entity. All 301 branches nationwide have restarted affordable housing loans, the statement added.
Complete News Source : Business Standard
