DHFL-Piramal Case: SC Asks NCLAT to Hear Within 2 Months Appeal Filed by 63 moons
Moneylife Digital Team 06 September 2021
The Supreme Court on Monday directed the National Company Law Appellate Tribunal (NCLAT) to hear within two months an appeal filed by 63 moons technologies ltd (63 moons) against Piramal Capital and Housing Finance Ltd's resolution plan for troubled mortgage lender Dewan Housing Finance Ltd (DHFL). 
 
Earlier in July, the NCLAT had refused to grant a stay on the implementation of the resolution plan submitted by the Piramal group for DHFL. Mumbai-based financial services company 63 moons then had approached the apex court.
 
In its appeal in the Tribunal, Mumbai-based financial services company 63 moons had questioned the legality of Piramal group's resolution plan for DHFL, allegedly saying that the Piramal group may be able to potentially pocket Rs45,000 crore that may be recovered from the Wadhawans (promoters of DHFL) and their associates. 
 
"It's a matter of law and we cannot pass an interim order on the approved resolution plan," NCLAT had said in its order in July this year.
 
The appellate tribunal allowed the Piramal group and the committee of creditors (CoC) to proceed with the implementation of the resolution plan. 
 
63 moons hold over Rs200 crore worth of non-convertible debentures (NCDs) in the DHFL.
 
Do read our coverage on DHFL here… https://moneylife.in/tags/dhfl.html  
 
Comments
pradeepbm
3 months ago
so we won't get our money for another 2 months. at this rate money disbursement will be postponed for several decades. I dont think even grand childrens will get money.
krishan2k5
3 months ago
Once a resolution plan is approved by the Courts, money is available from the buyers, why NOT distribute the amount to beneficiaries. Hearing and solving of objections can continue.
In India we keep waiting for action. Authorities keep dragging the issues waiting for the claimant to die.
I think the Finance Ministry should wake up and resolve all such pending cases.
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