NCLAT asks CoC to consider 63 moons' plea in DHFL Resolution Plan

In a major boost to 63 moons technologies, which had filed a petition in the National Company Law Appellate Tribunal (NCLAT) against Piramal ascribing Re 1 value to Rs 40,000 crore worth of recoverable assets in the DHFL case, the NCLAT on Thursday ordered the petition to be considered by the Committee of Creditors (CoC).

In a statement, 63 moons technologies said with this order, the CoC has to reconsider the provision of section 66 of IBC, which mandates that the benefit should go to all the creditors of DHFL.

However, in its resolution plan, the CoC had overlooked this provision to the benefit of the Piramal Group.

The 63 moons, which holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL, had challenged the NCLAT's judgment on the grounds that the current resolution plan was "disappointing" for NCD holders.

In September last year, the Supreme Court had directed the NCLAT to complete the hearing of the appeal filed by 63 Moons Technologies against the Piramal Group's resolution plan for mortgage financier Dewan Housing Finance Corporation Ltd (DHFL) within two months.

The 63 moons, the only company that challenged the decision of the CoC in NCLAT, stated that if the CoC considers this without alteration of provision of section 66 of IBC, all creditors of DHFL will be benefited.

It may be pointed out that in its resolution plan, Piramal had ascribed Re 1 value against Rs 40,000 crore assets that have been fraudulently diverted by erstwhile promoters of DHFL.

With 63 moons' efforts, lakhs of creditors will stand to benefit from this Rs 40,000 crore by way of recovery.

"The 63 moons has full faith in the Indian judiciary system and believes that truth shall prevail," the company stated.

--IANS

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