In June, the Mumbai Bench of the National Company Law Tribunal (NCLT) approved the resolution plan Piramal Capital & Housing Finance Limited. However, this order was challenged by the Wadhawans in the Appellate Tribunal.
While DHFL has reportedly sent messages to fixed deposit and NCD holders, asking them to update their bank account and contact details, several FD and NCD holders have expressed concerns about the transfer of funds, it said. Pointing out that their petitions challenging the payment of funds are pending in the Court.
FD holders have also appealed in Bombay High Court. All these cases will be heard in the NCLAT court on Wednesday.
Under the existing resolution plan, the FD holders will get around Rs 1,241 crore against the accepted claims of around Rs 5,400 crore.
NCD holders are also likely to get less than accepted claims and hence FD and NCD holders have been against Piramal Samadhan Yojana.
The Wadhawans, on the other hand, are fighting against Sankalp schemes that offer “high haircuts”. It has been repeatedly offering its Kranti scheme which assures 100% repayment of principal amount to all creditors.
In his revised proposal of Rs 91,158 crore for creditors, the Wadhawans have promised to make an advance payment of Rs 9,000 crore and also propose to repay the loan of Rs 31,000 crore at 8.5 per cent per annum over seven years.
According to the Wadhawans, the valuation of DHFL by Piramal did not do justice as the company has huge cash flows and assets.
DHFL was the first to become insolvent under the Insolvency and Bankruptcy Code.
Rs 37,250 crore resolution plan Piramal Group The upfront cash component for DHFL is Rs 12,500 crore and the deferred component of Rs 19,550 crore.