The Mumbai bench of the National Company Law Tribunal (NCLT) on Monday accepted the Piramal Group’s resolution plan in the Dewan Housing Finance Ltd (DHFL) case with a few conditions. The bench rejected Kapil Wadhawan’s plea to get access to a copy of the resolution plan.
NCLT also asked the Committee of Creditors to consider giving more money to small FD holders under the approved resolution plan.
Ajay Srivastava, CEO of Dimensions Corporate Financial Services said that it is a great news, but the asset is undervalued by a fair degree.
“I think it is a great thing because it has been almost 2 years that this has been going on. I must say only one thing on behalf of shareholders and the lenders, I think there has been a very poor job marketing of this thing. It is a very cheap price at which Piramal is getting it. So, it is a great positive for them (Piramal). But it is a good closure to the saga,” he said in an interview to CNBC-TV18.
Also Read: DHFL Insolvency Case: NCLT gives nod to Piramal Group resolution plan with conditions
Srivastava also said that everything is accretive for Piramal in the space of housing finance.
Meanwhile, Bahram Vakil, Founding Partner at AZB & Partners said, “The key thing is that the plan is approved. We are delighted and I should state for the record that we represent the administrator. It is pretty amazing that inspite of all this retched COVID setback, this has been done within the timeframe.”Watch the video for more.