63 Moons said the CoC has to reconsider the provision of Sec 66 of IBC, which mandates that the benefit should go to all the DHFL creditors
Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Thursday ordered the committee of creditors (CoC) to consider the petition filed by 63 Moons Technologies against Piramal Group ascribing a value of Re 1 for the Rs 40,000 crore worth of recoverable assets in the Dewan Housing Finance Ltd case. 63 Moons had non-convertible debentures (NCDs) of face value Rs 200 crore in Dewan Housing Finance Corp Ltd (DHFL).
In a statement, 63 Moons said with this order, the CoC has to reconsider the provision of section 66 of IBC, which mandates that the benefit should go to all the creditors of DHFL. However, in its resolution plan, the CoC had overlooked this provision to the benefit of the Piramal Group.
Any recoveries made as a result of avoidance applications should go to the creditors of Dewan Housing Finance Corp and not to the successful bidder—Piramal Group, the NCLAT ruled.