NCLAT declines US firm’s plea against Piramal group’s bid for DHFL

By LE Desk

New Delhi, June 30, 2021: The appellate insolvency tribunal NCLAT has declined a plea by US-based Prudential International Insurance Holdings (PIIHL) challenging an NCLT order approving the Piramal group’s bid for the debt-ridden Dewan Housing Finance Corporation (DHFL).

The NCLAT termed the plea “premature”, given that it approached the appellate tribunal without getting a decision on its petition filed before the Mumbai Bench of the NCLT, which was scheduled to hear the matter today, reported news agency PTI.

The NCLAT added that PIIHL, which was a 49 per cent shareholder in the joint venture firm Pramerica Life Insurance, has liberty to raise issues before it after a decision is taken by NCLT.

PIIHL has claimed it has certain pre-existing and continuing contractual arrangements with DHFL, in which the debt-ridden firm was shareholder till March 31, 2017 and DHFL continues to be bound by the obligations under the Shareholders’ Agreement of July 2013.