NCLAT slaps notices on CoC, DHFL & Piramal

The National Company Law Appellate Tribunal (NCLAT) has issued notices to the committee of creditors (CoC), the administrator of DHFL and Piramal Capital & Housing Finance Ltd on a plea by 63 moons technologies limited against the Dewan Housing Finance Ltd (DHFL) resolution plan approved by National Company Law Tribunal (NCLT).

The NCLAT agreed to hear the petition by 63 moons technologies, challenging the NCLT's nod for Piramal's resolution plan. Seeking interim protection from NCLAT, in its plea, 63 moons said the resolution plan execution is subject to the NCLAT nod.

However, the NCLAT has refused to stay the resolution plan approved by NCLT last month. It must be noted that 63 moons technologies, which holds over Rs 200 crore of non-convertible debentures (NCDs) of DHFL, has described the current resolution plan as disappointing for NCD holders. The Mumbai bench of NCLT has approved the Piramal Group's resolution plan for DHFL subject to the outcome of the appeal in the NCLAT and the Supreme Court.