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In a big relief to lenders, Piramal Group, and the administrator, the appellate tribunal has stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT), wherein it had directed the administrator to place the settlement offer of the erstwhile promoter, Kapil Wadhawan, before the committee of creditors (CoC). The appellate tribunal National Company Law Appellate Tribunal (NCLAT) has also clarified that such appeals should not come in the way of the NCLT deciding on the approval of the resolution plan given by the Piramal Group, which has already been approved by the lenders, the Reserve Bank of India (RBI), and the Competition Commission of India (CCI). The NCLT has already finished hearing the matter, but had reserved its order.

Kapil wadhawanAshish pyasiSupreme courtNational company law tribunalPiramal groupCompetition commission of indiaNational company law appellate tribunalDhir associatesCompany law appellate tribunalReserve bankCompetition commissionBankruptcy codeNational company law appellate tribunalPiramal groupNational company law tribunalMumbai branch