63 Moons' plea: NCLAT issues notice to DHFL, Piramal, and CoC

07 Jul 2021 CW Team

The National Company Law Appellate Tribunal (NCLAT) has issued notices to the administrator of DHFL and Piramal Capital and Housing Finance Ltd, the committee of creditors (CoC), on a petition by 63 Moons Technologies against the Dewan Housing Finance Ltd (DHFL) resolution plan accepted by National Company Law Tribunal.

The NCLAT agreed to hear the petition by 63 Moons Technologies against the NCLT's approval for Piramal's resolution plan.

Seeking interim protection from NCLAT, in its petition, 63 moons informed that the resolution plan fulfilment is subject to the NCLAT nod.

However, the NCLAT rejected the resolution plan allowed by NCLT last month.

It should be observed that 63 Moons Technologies, which owns over Rs 200 crore of non-convertible debentures (NCDs) of DHFL, has displayed the current resolution plan as disappointing for NCD holders.

The Mumbai bench of NCLT has allowed the Piramal Group's resolution plan for DHFL subject to the appeal's outcome in the NCLAT and the Supreme Court.

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Also read: RBI bars DHFL from taking deposits under Piramal management

Also read: DHFL resolution: NCLT asks lenders to consider Kapil Wadhawan’s offer

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