Allowed

In the matter of Dewan Housing Finance Corporation Limited Ia No. 2523-2020 & Ia No. 475-2022 in CP(IB)4258-MB-C-II-2019

NCLT9 Feb 2023

Case brief

AI extract

What is this about?

The Tribunal allowed an application under Section 60(5) NCLT Rules and Section 60(5) IBC for substituting Piramal Capital & Housing Finance Limited as the applicant, replacing the erstwhile Administrator, by relying on a prior similar decision.

What did the court decide?

Application admitted; name of applicant substituted; all necessary consequential amendments to IA 2523 of 2020 ordered.

In the matter of Dewan Housing Finance Corporation… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT II

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IA.No.475/2022 IN IA 2523/2020 IN

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CP(IB)4258/MB/C-II/2019

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Under Rule 11 of the National Company Law Tribunal Rules, 2016

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Application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016

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…. Applicant

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In the matter of

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Piramal Capital & Housing Finance Limited (Formerly known as Dewan Housing Finance Corporation Limited 601, 6^th Floor, Piramal Amiti Bldg, Piramal Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West Mumbai MH 400070

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… Applicant

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V/s

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Kapil Wadhawan & ors.

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An Indian Inhabitant, Ex-Chairman and Managing Director of the Dewan Housing Finance Corporation Ltd., having its address at i) 23, Sea View Palace Pali Hill, Bandra (West) Mumbai- 400050.

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ii) 13^th , 14^th, 15^th and 16^th Floor, DB Breeze, Khar (West), Mumbai-400052.

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Presently in judicial custody

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Taloja Central Jail, Inampuri, Taloja, Navi Mumbai, Maharashtra- 410208

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… Respondents

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT II IA.No.475/2022 In IA.No.2523/2020 In CP(IB)4258/MB/C-II/2019

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In the matter of Administrator of Dewan Housing Finance Corporation Limited

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…. Applicant

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V/s Bank of Baroda & Ors.

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…… Respondents In the matter Between Reserve Bank of India

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… Financial Sector Regulator V/s

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Dewan Housing Finance Corporation Limited … Erstwhile Corporate Debtor/ Financial Service Provider

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Order delivered on: 09.02.2023

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Coram:

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Hon’ble Member (Judicial) : Justice P. N. Deshmukh (Retd.) Hon’ble Member (Technical) : Mr. Shyam Babu Gautam

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Appearances:

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For the Applicant : Ms. Chitra Rentala, Advocate For the Respondent : Sr. Counsel, Mr. JP Sen a/w Mr. Vishesh Malviya

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Page 2 of 3

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT II IA.No.475/2022 In IA.No.2523/2020 In CP(IB)4258/MB/C-II/2019

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ORDER

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Per: CORAM

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The present Application IA 475 of 2022 has been filed by the Applicant seeking amendment of the memorandum of parties in the IA 2523 of 2020 and all necessary consequential amendments to the IA 2523 of 2020.

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The Applicant has also prayed to substitute its name “Piramal Capital & Housing Finance Limited” to be substituted in place of the erstwhile Administrator, Mr. Subramaniakumar.

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