DHFL case: 63 Moons moves NCLT seeking to protect bondholders
NCLT on Thursday adjourned the 63 Moons application for hearing to 13 JanThe company holds over ₹200 crore worth NCDs (non-convertible debentures) of the crippled mortgage player
Mumbai: 63 Moons Technologies, formerly Financial Technologies, on Thursday moved the National Company Law Tribunal (NCLT) , seeking to ensure that the recovery from Dewan housing Finance Ltd (DHFL) is distributed among all creditors, including non-convertible debenture holders.
The company holds over ₹200 crore worth NCDs (non-convertible debentures) of the crippled mortgage player.
"We have filed an application with the National Company Law Tribunal, Mumbai, seeking that the benefit of avoidance applications for around ₹30,000 crore filed by the DHFL administrator under Section 66 of IBC come to the committee of creditors, including NCD holders, who are the actual sufferers of the default by the company," said 63 Moons in a statement.
As per the resolution plans submitted by Resolution Applicants, the benefit or the recovery amount arising from the avoidance applications will go to resolution applicant, the company said.
NCLT on Thursday adjourned the 63 Moons' application for hearing to January 13.
The committee of creditors have opposed the application as they stand to benefit from the personal guarantees of the DHFL promoters but NCD holders have no such recourse.
63 Moons had earlier also filed a cheating case against DHFL promoters Kapil Wadhawan. It had said Wadhawan''s offer to settle the claims by transferring his rights, title and interest in about 10 projects valued at ₹43,879 crore, should not be accepted.
Lenders to DHFL have started voting on the resolution plans submitted by Oaktree Capital Management, Piramal Group and Adani Group. The final decision will be taken on January 14.
Piramal Group and Adani Group have also submitted supplementary plans seeking to buy standalone retail and wholesale loan portfolios, respectively. Both Piramal Group and Oaktree Capital Management have increased their bids since Dec. 14 and now offer ₹37,000-38,000 crore to buy DHFL’s loan assets.
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