The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against RHC Holding, an entity promoted by former promoters of erstwhile Ranbaxy and Fortis Healthcare
The loan amount is due since October 31, 2019, along with further interest and cost due to the secured creditor from the borrower and mortgager
The appellate tribunal said it found "no merits" in HDFC's petition and said that non-bank financial lenders come under the purview of the Reserve Bank of India
HDFC had approached NCLT seeking repayment of Rs 410 million dues from RHC Holding