The National Company Law Tribunal report card is not looking good: Recovery rate for resolutions is at a three-year low and average time taken for the resolution process is rising. But with the coming of Bad Bank and persisting problem of bad loans, the need for NCLT cannot be denied
With the coming of Bad Bank and persisting problem of bad loans, the need for NCLT cannot be denied
Image: Shutterstock Just over a month after the National Company Law Tribunal (NCLT)-approved Piramal Capital and Housing Finance’s resolution plan to acquire the bankrupt and debt-ridden mortgage firm Dewan Housing Finance Corporation (DHFL), the matter is back in litigation. Technology firm 63 moons, a debenture holder of DHFL, has challenged the order saying it was ‘contrary to law’ and against the interest of DHFL’s creditors.