The NCLAT deemed the appeal “premature,” owing to the fact that it sought the appellate body without receiving a ruling on its case filed before the NCLT’s Mumbai Bench.
The NCLAT, the appellate insolvency panel, denied a request by the US-based Prudential International Insurance Holdings (PIIHL) to challenge an NCLT ruling allowing the Piramal group’s bid for the debt-ridden Dewan Housing Finance Corporation on Monday (DHFL).
The NCLAT deemed the request “premature,” owing to the fact that it sought the appellate tribunal without receiving a judgement on its petition filed before the NCLT’s Mumbai Bench, which is due to hear the case on Wednesday (June 30).
The NCLAT further stated that PIIHL, which was a 49 percent stakeholder in the joint venture business Pramerica Life Insurance, is free to bring matters before it after the NCLT makes a ruling.
PIIHL claims it has pre-existing and ongoing contractual agreements with DHFL, in which the debt-ridden business was a stakeholder until March 31, 2017, and that DHFL is still obligated by the commitments under the Shareholders’ Agreement of July 2013.