Can't blow hot and cold: NCLT dismisses Piramal Capital's Section 7 IBC petition for lack of authorisation

The NCLT was hearing a plea filed under the name of DHFL, which was taken over by Piramal Capital and Housing Finance Limited in 2021, seeking to trigger the CIRP claiming a loan default.

The National Company Law Tribunal (NCLT) at Delhi on Tuesday, while applying the rule of estoppel, rejected a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Piramal Capital, which took over Dewan Housing Finance Limited (DHFL) in 2021 (Dewan Housing Finance Limited v. Nayati Healthcare and Research NCR Pvt Limited).

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