NCLAT issues notices to lenders, Piramal on 63 Moons Technologies’ plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to DHFL’s lenders and its winning bidder Piramal Capital over a petition filed by 63 Moons Technologies challenging the resolution process of the debt-ridden firm.

A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava issued notices to the lenders of Dewan Housing Finance Corporation Ltd (DHFL) and its successful bidder Piramal Capital & Housing Finance Ltd.

The appellate tribunal has directed all parties to file their replies before July 19, which is the next date of hearing.

Earlier on June 7, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL.

63 Moons, which is a debenture holder of DHFL, has filed a petition challenging the NCLT order.

It holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL.

According to it, the resolution plan approved by NCLT is against the interests of the company’s NCD holders.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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