Piramal plans to move SC challenging NCLAT order on DHFL deal

New Delhi: The Piramal Group on Friday said it is planning to move the Supreme Court to appeal against an order by insolvency appellate tribunal NCLAT, which sent back its winning bid for DHFL to the debt-laden finance company's lenders for reconsidering the valuation.

Piramal Capital & Housing Finance Ltd in a statement said that "the Dewan Housing Finance Corporation Ltd (DHFL) acquisition by Piramal Group remains unaffected and the business integration continues as envisaged".

The National Company Law Appellate Tribunal (NCLAT) on Thursday, while delivering a judgement on 63 Moons Technologies petition had directed the lenders of Dewan Housing Finance Corporation Ltd to reconsider their decision regarding the valuation of the financial firm's avoidable transactions, while approving the insolvency resolution plan submitted by Piramal Capital & Housing

Finance Ltd.

"We have analyzed the detailed judgment of the NCLAT and consulted our legal advisors. We are confident and will continue to pursue the matter as multiple legal options are available to us for our future course of action, including approaching the Supreme court," said a statement issued by Piramal Capital & Housing Finance Ltd (formerly known as DHFL).