Money & Banking

NCLAT refuses to grant interim stay to DHFL resolution

Our Bureau Mumbai | Updated on July 23, 2021

Next hearing on 63 Moons plea on September 15

The National Company Law Appellate Tribunal refused to grant an interim stay in the resolution plan of Piramal Capital and Housing Finance Company for Dewan Housing Finance Corporation.

It has set the next date of hearing on September 15 on a plea by 63 Moons Technologies challenging the NCLT’s approval to the DHFL resolution.

“The NCLAT today clarified that any steps taken in the DHFL matter in furtherance of the resolution plan will be subject to the outcome of the 63 Moons appeal and has set September 15, 2021, as the date for final hearing on the matter. Therefore, at the moment, the NCLAT has not interfered at the interim stage,” 63 Moons Technologies said in a statement on Thursday.

63 Moons will decide on its future course of action after receiving a copy of the order passed by NCLAT, it further said.

NCD holders’ plight

63 Moons holds over ₹200 crore of NCDs of DHFL. It has challenged NCLT’s approval of the resolution plan whereby Piramal had ascribed ₹1 for the potential recovery of ₹45,000 crore of fraudulent transaction recoveries at the cost of DHFL’s creditors.

“This sum is the amount that Wadhawans’ and others siphoned away from DHFL by defrauding the creditors. This ₹45,000 crore should come to all the creditors including the NCD holders,” 63 Moons said.

DHFL’s debt resolution has faced multiple legal challenges since it was approved by the NCLT in favour of the Piramal group. Former promoters of DHFL have also filed a legal challenge in addition to some of the fixed deposit holders.

Published on July 23, 2021

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