Udayavni Special

NCLAT rejects HDFC’s plea seeking insolvency against RHC Holding


PTI, Jul 10, 2019, 12:06 PM IST

New Delhi: The National Company Law Appellate Tribunal (NCLAT) Wednesday dismissed a petition by HDFC to initiate insolvency proceedings against RHC Holding, an entity promoted by billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh.

A two-member bench headed by Chairman Justice S J Mukhopadhaya upheld the order of the principal bench of the National Company Law Tribunal (NCLT) which had rejected HDFC’s plea.

The appellate tribunal said it found “no merits” in HDFC’s petition and said that non-bank financial lenders come under the purview of the Reserve Bank of India (RBI) and should seek remedies from the central bank, not the bankruptcy court.

Passing an order on December 6, 2018, the NCLT had observed that RHC Holding was a non-banking financial company and does not come under the purview of the Insolvency and Bankruptcy Code (IBC).

HDFC had then approached the appellate tribunal to challenge the NCLT’s ruling.

The mortgage lender had moved the NCLT to recover an amount of Rs 41 crore.

RHC Holding, promoted by the Singh brothers, had taken a loan of Rs 200 crore from HDFC in April 2016. RHC Holding had paid the interest for the first quarter on time but later started defaulting on its dues.

According to HDFC, even after adjusting the proceeds from the sale of pledged shares, an amount of Rs 41.09 crore remained due.

To recover the remaining amount, HDFC filed an insolvency plea against RHC Holding before the NCLT.

The NCLAT had in January this year issued notices to RHC Holding and other parties and directed them to file their replies.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Gita Gopinath feels India ‘really stands out’ in terms of vaccine policy

1993 Mumbai blasts convict Noor Mohammad Khan dies

Biden order could change how colleges handle sex misconduct

1 year on, prevention norms key to stem COVID-19 spread: Expert

Negative Covid report mandatory for people arriving from Maha, Kerala: Udupi DC

Udupi: Women’s kayaking expedition from Malpe beach to Saint Mary’s Island held

Goyal orders probe into Eastern Railway office building fire in Kolkata




Related Articles More

Venture Capital Fund of Rs 100 cr proposed in budget; Invest Karnataka to be held this year

Govt to amend telecom licence norms to control sourcing from China, non-friendly destinations

New mineral policy for 2021-26 on the anvil says CM BSY

K’taka Budget 2021: Further developemnt of coastal tourism; new aquarium to be built

K’taka Budget 2021: Gaushala in each dist; scheme for rearing of new breeds of sheep, poultry

MUST WATCH

Benefits and Advantage of Tuition

Jasmine Farming and Planting

Women’s day special interview with Champa P Shetty

Udayavani special Budget Bulletin

Gender Stereotypes Faced By Women | Women’s day special Vox Pop | Udayavani

Latest Additions

Gita Gopinath feels India ‘really stands out’ in terms of vaccine policy

1993 Mumbai blasts convict Noor Mohammad Khan dies

Biden order could change how colleges handle sex misconduct

Woman murdered and chopped into pieces: Police crack case after 5 months, arrest 2

Kane Williamson to miss NZ-Bangladesh ODI series

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.