Tag: 63 Moons Technologies

NCLAT to hear 63 Moons Technologies plea on DHFL

Banking & Finance

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The National Company Law Appellate Tribunal has agreed to hear the petition by 63 Moons Technologies challenging some of the provisions of the resolution plan for Dewan Housing Finance Corporation Ltd (DHFL).

63 Moons to challenge NCLT nod to Piramal’s DHFL buy

The NCLAT has refused to stay the resolution plan.

63 Moons holds over ₹200 crore of NCDs of DHFL. It had earlier said the current resolution plan is disappointing for NCD holders.

“Other members of the Committee of Creditors, who comprise mainly of banks, have recourse to personal guarantees of promoters whereas NCD holders do not have any such contractual recourse,” it further said, adding that NCD holders will be left high and dry with haircut of 65 per cent to 75 per cent if in future such recoveries from fraudulent transactions are allowed to pass through to the resolution applicants, instead of the creditors,” it had earlier said.

Wadhawan plans to challenge NCLT nod to Piramal’s resolution plan for DHFL

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DHFL case: 63 Moons files application with NCLT

Banking & Finance

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63 Moons Technologies has applied with National Company Law Tribunal (NCLT), Mumbai, seeking that the benefit of avoidance applications for about ₹30,000 crore filed by DHFL Administrator under section 66 of Insolvency and Bankruptcy Code (IBC) should come to Committee of Creditors (CoC), including non-convertible debenture (NCD) holders.

63 Moons holds over ₹200 crore NCD of debt ridden Dewan Housing Finance Corporation Ltd (DHFL).

“The application made by 63 Moons came for hearing before the tribunal on Thursday, which adjourned the same to January 13, 2021 for final hearing, while directing the parties to complete pleadings,” 63 Moons said in a statement.

Hopefully, NCLT should strike down any clause in the resolution proposal, contrary to RFP and IBC.

 

It pointed out that under the resolution plans submitted by Resolution Applicants, the benefit or the recovery amount arising from the avoidance applications will go to Resolution Applicant. This same resolution plan has been put up for voting.

63 Moons had earlier also filed a cheating case against DHFL’s former promoter Kapil Wadhawan. It had also said that Wadhawan’s offer to settle the claims by transferring his rights, title and interest in at least ten projects valued at ₹43,879 crore, should not be accepted.

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