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.