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(x) On 7th June 2021, NCLAT approved Piramal Capitals' Resolution Plan for DHFL with effect from 7th June, 2021 and appointed Interim Monitoring Committee.

(xi) On 6th July 2021, Piramal Capital obtained all requisite regulatory and statutory approvals in relation to the scheme of arrangement between Piramal Capital and Corporate Debtor i.e. Reverse Merger of the Piramal Capital and Housing Finance Limited, into and with DHFL, the Corporate Debtor.

7. Before adverting to deal with the contentions of rival parties, events post impugned order, which has bearing over the issue, are as under :

DHFL (Corporate Debtor) vide purshis dated 12 th October, 2021 brought on record the fact that;
(i) Piramal Capital and Housing Finance Limited, has merged into DHFL with effect from 30th September, 2021, pursuant to the reverse merger as contemplated under Rane 9/22 WP-3157&3221-2021 November 16, 2021 the scheme of arrangement provide under the Resolution Plan, and;
(ii) On 1st October, 2021 intimation to that effect was provided to the National Stock Exchange of India Limited and Bombay Stock Exchange Limited by DHFL and Piramal Enterprises Limited and further apprised that consequent to reverse merger, DHFL shall issue such number of equity shares to the shareholders of Piramal Enterprises Limited in accordance with the scheme of arrangement provided under the Resolution Plan, and;
(iii) Vide intimation letter dated 1st October, 2021 DHFL, apprised BSE and NSE of the change in management of DHFL, by way of appointment of six additional Directors, namely Mr. Ajay Gopikisan Piramal, Ms. Swati Ajay Piramal, Mr. Anand Ajay Piramal, Mr. Gautam Bhailal Doshi, Mr. Khushroo B. Jijina and Mr. Sohail Amin Nathani.

(iii)the change in management or control under the approved Resolution Plan must not be in favour of a person who was Promoter and in management or control of Corporate Debtor or in favour of related party of the Corporate Debtor.

11. Mr. Kadam learned Senior Counsel submitted that, herein Resolution Plan was approved by the Adjudicating Authority on 7th June, 2021 and pursuant thereto, Piramal Capital and Housing Finance Limited has merged into DHFL with effect from 30th November, 2021 as contemplated under scheme of arrangement (reverse merger) provided under the Resolution Plan. Mr. Kadam, further submitted that, consequent to reverse merger, six Directors have been appointed as Additional Directors on the Board of Directors of DHFL, with effect from 30th September, 2021 to hold the office until the conclusion of next Annual General Meeting of DHFL. Mr. Kadam, thus submitted that, with effect from 30 th September, 2021 new Board superseded the Administrator and the Monitoring Committee which was constituted under the Resolution Plan. It is therefore argued that, there is a change of management and control of Corporate Debtor and such change in the management or control is in favour of party, who Rane 12/22 WP-3157&3221-2021 November 16, 2021 is not related to Corporate Debtor. Mr. Kadam, therefore submitted that in view of the subsequent events/developments, the requirements of Section 32A of the Code, are fully satisfied.