June 8, 2021 10:15:44 am
The Mumbai bench of the Nation Company Law Tribunal (NCLT) on Monday approved the Piramal Groups Rs 37,250 crore bid for debt-ridden Dewan Housing Finance Ltd (DHFL). The NCLT gave a conditional nod to the bid, which has received approval from 94 per cent of creditors pending the outcome of a Supreme Court decision on Kapil Wadhawans offer to fully settle Rs 91,000 crore in outstanding debt. The Indian Express examines the resolution process of DHFL and why it is important.
Why is this resolution important?
DHFL which is among the largest mortgage lenders in the country, was the first financial services company to be notified for insolvency reso…