The National Company Law Tribunal (NCLT) on Monday permitted Piramal Capital and Housing Finance to own Dewan Housing Finance (DHFL), an indebted home financier. Earlier, the RBI too had cleared the Rs 34,250-crore acquisition of DHFL by the Piramal Group company.

While allowing the petition filed by the RBI-appointed administrator to approve the successful resolution plan, the tribunal also dismissed a plea of Kapil Wadhawan, an ousted promoter of DHFL, who had sought a copy of the successful resolution plan. “The insolvency application is allowed, and soon, we will upload a detailed order,” said Mumbai’s NCLT chapter.

The NCLT also favoured a case filed by the National Housing Bank, an erstwhile regulator for housing finance companies that sought to have its own share of the resolution plan. It reportedly had an exposure of about Rs 2,400 crore.

“The approval from NCLT is an affirmation of the sanctity of the IBC process in India,” said a Piramal spokesperson in a statement. “We are committed to collaborating with all relevant authorities, regulators, creditors and investors involved in this resolution and look forward to a speedy culmination of the resolution process,” the spokesperson added. 

Earlier in February, lenders had approved such a revival plan with an overwhelming majority. In a most-contested bankruptcy bid, Piramal’s offer had received about 94 per cent votes of the creditors, followed by Oaktree at 45 per cent, while Adani Capital obtained about 18 per cent.