DHFL case: 63 Moons' petition against Piramal to be considered by CoC, orders NCLAT

The petition moved by 63 Moons Technologies Ltd against Piramal group over the resolution plan in DHFL case will be considered by the Committee of Creditors, the National Company Law Appellate Tribunal (NCLAT) ordered on January 27.

The plea filed by 63 Moons against Piramal challenged the decision to ascribe Re 1 value to Rs 40,000 crore-worth of recoverable assets in the DHFL case.

"With this order, now the CoC have to reconsider the provision of section 66 of IBC which mandates that the benefit should go to all the creditors of DHFL. However, the CoC had, in its resolution paln, overlooked this provision to the benefit of Piramal Group," 63 Moons said in a press release.

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If CoC considers this without alteration of provision of section 66of IBC, all creditors of DHFL will be benefited, it said, adding that 63 Moons is the only company which challenged the decision of CoC in NCLAT.

"It may be pointed out that in its resolution plan, Piramal had ascribed Re 1 value against Rs 40,000 crore assets that has been fraudulently diverted by erstwhile promoters of DHFL. With 63 moons’ efforts, lakhs of creditors will stand to benefit from this Rs 40,000 crore by way of recovery," it further noted.