DHFL Insolvency Case | 63 Moons to challenge NCLT order approving Piramal resolution plan

63 Moons, one of the parties involved in the DHFL case, has made a decision to challenge National Company Law Tribunal (NCLT),  order which approves Piramal Group's resolution plan for DHFL.

The firm believes that the resolution plan is contrary to law and that this resolution plan is against the interest of all DHFL credit holders including all NCD holders, CNBC-TV18 reported.

63 Moons to challenge NCLT order approving Piramal Group's resolution plan for DHFL.

63 moons Believes that the resolution plan is contrary to law 63 moons Believes that the resolution plan is against intersst of all DHFL’s creditors including NCD holders@yashjain88 reports. pic.twitter.com/4S7JOWPgwD — CNBC-TV18 (@CNBCTV18Live) June 8, 2021

Earlier, the NCLT had approved Piramal Group’s overall resolution plan for beleaguered mortgage lender, Dewan Housing Finance (DHFL), with a few conditions. The NCLT rejected former DHFL promoter Kapil Wadhawan's plea to get access to a copy of the resolution plan.

In its order dated June 7, the tribunal asked the company's Committee of Creditors (CoC) to consider giving more money to small fixed deposit (FD) holders under the approved resolution plan.

However, this NCLT order is subject to final judgement from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court's judgement on Kapil Wadhawan in the matter.