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63 Moons moves NCLT in DHFL case, seeks protection of bondholders

The Committee of Creditors (CoC) has begun voting on bids for DHFL, and the winning bidder might be announced by the end of January.

January 01, 2021 / 10:50 AM IST
 
 
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63 Moons Technologies, on December 31, moved the bankruptcy court to ensure fair distribution of recovery from Dewan Housing Finance (DHFL) among creditors, ahead of voting on bids for the lender.

63 Moons moved the National Company Law Tribunal (NCLT), demanding that the recovery is distributed among all creditors, including non-convertible debenture (NCD) holders. The NCLT will hold a final hearing of the case on January 13.

"We have filed an application with the National Company Law Tribunal, Mumbai, seeking that the benefit of avoidance applications for around Rs 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," 63 Moons said in a statement.

As per 63 moons, it holds over Rs 200 crore worth NCDs of the troubled non-banking finance company (NBFC).

63 Moons says it is hopeful that any clause in the resolution proposal that goes against the request for proposal (RFP) and the bankruptcy code should be struck down.

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"Presently, 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. This same resolution plan has been put up

for voting," the company said.

The Committee of Creditors (CoC) has begun voting on bids for DHFL, and the winning bidder might be announced by the end of January.

Moneycontrol reported that Piramal Enterprises and US-based Oaktree Capital have made offers in the range of Rs 37,000-38,000 crore, with identical cash components. However, Piramal Enterprises is likely to have an advantage since it is a domestic company.
Moneycontrol News
TAGS: #DHFL
first published: Jan 1, 2021 10:50 am

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