Companies

63 moons dues: Bombay HC stops DHFL promoters from leaving India

Our Bureau Mumbai | Updated on November 07, 2019 Published on November 07, 2019

63 moons seeking recovery of around ₹200 crore dues from DHFL

The Bombay High Court has restrained Dewan Housing Finance Corporation promoters Dheeraj Wadhawan and Kapil Wadhawan from leaving the country until further orders.

The order was in a case filed by 63 Moons Technologies seeking recovery of about Rs 200 crore dues.

Jignesh Shah promoted 63 moons had invested Rs 200 crore in the non-convertible debentures issued by DHFL and it had defaulted in the yearly interest payment in September.

Justice SJ Kathwalla said the Wadhawans have to seek permission from the High Court if they wish to leave the country.

Earlier, DHFL told the Court that the Wadhawans may have to travel abroad to raise funds.

However, 63 moons raised apprehensions that, if allowed to leave the country, they may escape.

DHFL challenged the petition, arguing that trustees of the bond-holders already moved an application in the Pune bench of the Debt Recovery Tribunal  for recovery of dues on behalf of the debenture holders, hence this plea could not be entertained.

The Enforcement Directorate is conducting a probe against DHFL over alleged financial irregularities.

The trustee has failed to perform its duties and take prompt action in default made by DHFL. Hence, 63 moons had  filed a summary suit against DHFL along with interim application against DHFL and its promoters before the  Bombay High Court.

Published on November 07, 2019
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