Money & Banking

NCLAT to hear 63 Moons Technologies plea on DHFL

Our Bureau Mumbai | Updated on July 06, 2021

63 Moons holds over ₹200 crore of NCDs of DHFL and have said that the current resolution plan is disappointing for NCD holders

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

Published on July 06, 2021

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