Moneycontrol PRO
Upcoming Webinar:Watch a panel of experts discuss: Challenges of continuously evolving regulation for Cryptocurrency, on 7th July at 3pm. Register Now
you are here: HomeNewsBusiness

NCLAT asks CoC to reconsider value of DHFL's recoverable assets

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, 63 Moons said.

January 27, 2022 / 12:59 PM IST
DHFL (Source: ShutterStock)

DHFL (Source: ShutterStock)

Jignesh Shah-founded 63 moons technologies ltd said on 27 January that the National Company Law Appellate Tribunal (NCLAT) had ordered the lenders of Dewan Housing Finance Corporation (DHFL) to consider a petition regarding the revaluation of DHFL's recoverable assets.

Meanwhile, 63 Moons said it had filed a petition in NCLAT .

"In this case, NCLAT today ordered the petition to be considered by the Committee of Creditors (CoC)," the company said in a press release.

Also read: Videocon lenders invite fresh expressions of interest by February 2

The company had NCD of the face value of Rs 200 crore in DHFL.

Close

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, 63 Moons said. According to 63 Moons, the CoC had, in its resolution plan, overlooked this provision.

If CoC considers this without alteration of provision of section 66of IBC, all creditors of DHFL will be benefited, 63 Moons said.

Also read: SC junks Devas Multimedia's appeal against NCLAT order

"With 63 moons' efforts, lakhs of creditors will stand to benefit from this Rs 40,000 crore by way of recovery," the press release said.
Moneycontrol News
first published: Jan 27, 2022 12:56 pm
Sections
ISO 27001 - BSI Assurance Mark