NCLAT tells CoC to consider 63 moons' plea in DHFL resolution plan

63 moons has said that the National Company Law Appellate Tribunal (NCLAT) has ordered the Committee of Creditors (CoC) to consider the petition it had filed against the Piramal Group ascribing a value of Re 1 for the Rs 40,000 crore worth of recoverable assets in the DHFL case. 63 moons had non-convertible debentures (NCD) of face value Rs 200 crore in Dewan Housing Finance Corp Ltd (DHFL).

Following the order, the CoC will now have to reconsider the provisions of Section 66 of the IBC, which mandates that the benefit should go to all the creditors of DHFL. However, the CoC had, in its resolution plan, overlooked this provision to the benefit of Piramal Group.

If CoC considers this without alteration of the provisions of Section 66 of the Insolvency and Bankruptcy Code (IBC), all creditors of DHFL will be benefited, 63 moon said. 63 moons was the only company which challenged the decision of CoC in the NCLAT, the company added.

In September 2021, the Supreme Court had directed the NCLAT to complete the hearing of the appeal filed by 63 moons against the Piramal Group in the matter.

63 moons has full faith in the judiciary of the country, and believes that truth will prevail, the company said in a statement.