Piramal to move SC over DHFL bid

Piramal Capital had emerged as winning bidder and the Committee of Creditors (CoC) had ascribed a value of just ₹1 for ₹45,000 crore-worth recoverable assets of DHFL

The Piramal Group on Friday said it was planning to move the Supreme Court against an order by the NCLAT, which sent back its winning bid for DHFL to the lenders for reconsidering the valuation.

Under the insolvency resolution proceedings, Piramal Capital had emerged as winning bidder and the Committee of Creditors (CoC) had ascribed a value of just ₹1 for ₹45,000 crore-worth recoverable assets of DHFL. These were assets apparently diverted fraudulently by erstwhile promoters of DHFL. NCLAT has now sent the approved resolution plan back to the CoC to reconsider the valuation of avoidable transactions that pertain to the recoverable assets.